New York City startup Urban Compass raises $20 mln in Series A funds


Urban Compass said Wednesday that it has received $20 million in Series A funding. Investors included Condé Nast parent company Advance Publications, Founders Fund, Thrive Capital, .406 Ventures and Salesforce.com founder and CEO Marc Benioff. Based in New York City, Urban Compass is a home rentals platform.

PRESS RELEASE

NEW YORK, September 25, 2013 – Four months after launching, Urban Compass announced it has raised $20 million in Series A funding from a group of new and existing investors, including Advance Publications, Inc. (the parent of Condé Nast), Founders Fund, Thrive Capital, .406 Ventures, Salesforce.com Founder & CEO Marc Benioff, and others. The Series A funding brings the total raised to $28 million, including the company’s initial seed round of $8 million.
Urban Compass is a technology company that helps people find a great place to live and make the most out of it. The new funding will enable Urban Compass to meet increasing customer demand and scale the business.
Urban Compass has received recognition for its innovative technology as one of CNN’s 10 Startups to Watch for 2013, one of Business Insider’s Best New Startups of 2012, and a Disruptive Innovator to Watch at the 2013 Tribeca Disruptive Innovation Awards.
Executive Chairman Ori Allon explained, “Since launching, we’ve successfully executed on our initial vision by bringing our technology and customer service together to help New Yorkers find a new home. We are thrilled to partner with a group of new and existing investors and look forward to continuing to innovate and expand our platform.”
About Urban Compass
Founded by Ori Allon and Robert Reffkin, Urban Compass’ end-to-end technology platform enables customers to search for apartments, schedule visits, and apply for their new home, all online.
Combining technology with customer-focused agents and lower brokerage fees, Urban Compass is making it easier for New Yorkers to find a great place to live. Learn more about them at urbancompass.com or stay in touch on Facebook.
About Advance Publications, Inc.
Advance Publications, Inc., is a privately held communications company that, directly or through subsidiaries, owns Condé Nast, Parade Publications, Fairchild Fashion Media, American City Business Journals and newspapers in more than twenty-five American cities; Advance Publications’ affiliated companies also have extensive interests in cable television and Internet sites, and significant ownership stakes in Discovery Communications and Reddit Inc.
About Founders Fund
Founders Fund provides capital to transformational businesses run by world-class entrepreneurs.
Urban Compass is backed by FF Angel, the early-stage investing arm of Founders Fund. Companies the firm has backed include Facebook, Quantcast, SpaceX, Spotify, RoboteX, and ZocDoc. The firm, which pursues a founder-friendly investment strategy, is managed by four partners, all of whom are themselves company founders: Peter Thiel (PayPal; Palantir); Ken Howery (PayPal); Luke Nosek (PayPal); and Sean Parker (Napster; Plaxo; founding president, Facebook).
About Thrive Capital
Thrive Capital is one of the leading venture capital investment firms focusing on media and internet businesses. The firm, which counts Instagram, Codecademy, Fab, and Art.sy among its portfolio investments, was founded by Joshua Kushner, who had earlier founded Vostu, Brazil’s largest online gaming company.
About .406 Ventures
.406 Ventures provides capital and support for high-potential early stage technology companies. The firm is comprised of a veteran team of industry entrepreneurs, operators, investors and backs a number of innovative organizations, including Connotate, Bit9, and Veracode, among others.