Real estate startup Compass has announced that it has raised $100 to expands it business in major US cities. The company said it will use this money to build new CRM technology to integrate client, listings and transactions data. It will cover every major city across United States.
Speaking to a Techcrunch executive Compass Chairman Ori Allon , said the company had already $100 million in the bank and with another $100 they are looking for an aggressive growth.
At present Compass covers 10 major metros in US including New York, Boston, Miami, Washington, and LA. In next one year they have planned to cover 10 more cities on top of that.
The funding comes from new investor Fidelity Investments, as well as previous investors IVP and Wellington Management — who respectively led its Series C ($50 million) and Series D ($75) investments.
Co-founded by Allon, an ex-head of engineering at Twitter (who was also a search engineer at Google; he came to both companies by way of acquisitions of his previous companies), the company today has seen some significant growth in its business of listing apartments and homes to rent or buy.
Compass says they are on track to complete 16,000 transactions and over $14 billion in sales by the end of 2017. The company’s annual revenue accounts for little more than $350 million.
“We have a pretty well-defined growth and expansion strategy and we will keep going in this direction: we want to hire the best agents and offer them the best technology,” – said Allon.
“Right now, we are not interested in investing platforms or other areas like it. There are a lot of opportunities out there but what’s made us successful so far is focus. We just want to make sure we have as many people using our existing service as we can.”- he added