New York City-based real estate platform Urban Compass has received $40 million in Series B funding. The investors included Thrive Capital, Founders Fund, .406 Ventures, Salesforce.com CEO Marc Benioff, American Express CEO/Chairman Kenneth Chenault and Condé Nast parent company Advance Publications. According to the firm, the capital infusion will be used for growth and expansion as well as invest more in technology.
NEW YORK, JULY 21, 2014 – One year after launching, technology-driven real estate platform, Urban Compass, has raised $40 million in Series B financing from a mix of new and existing investors including Advance Publications, Inc. (the parent company of Condé Nast), Thrive Capital, Founders Fund, .406 Ventures, Marc Benioff (Founder & CEO of Salesforce.com) and Kenneth Chenault (Chairman and CEO of American Express), among others. The Series B funding brings the total amount raised to $73 million dollars, equipping the company with the capital to invest more in technology, grow its operations in New York and expand to other cities throughout the United States.
“I am incredibly proud of the team and technology we have built and am excited to bring our innovative approach to real estate brokerage to other cities throughout the US,” shared Ori Allon, Founder and Executive Chairman of Urban Compass. Allon explained that the new funding will not only fuel the company’s expansion efforts but will also enable continued growth in New York.
“We will continue to focus on hiring leaders across technology, real estate and business who will infuse our organization with expertise, innovation and passion,” Allon continued. “Our agents will benefit by having the best tools and data available to them so that they can manage, market and grow their businesses with greater ease than ever before. Investors realize the value of our unique offering in the market, and are excited about the future.”
Urban Compass was founded by Allon and Robert Reffkin with the mission of simplifying the process of finding a home by creating technology that empowers agents and consumers. Allon, a successful entrepreneur who has sold technologies to both Google and Twitter, teamed up with Reffkin, former Goldman Sachs Chief of Staff and White House Fellow, to create a real estate platform driven by technology, where agents work alongside not only business consultants, but also engineers from leading tech companies.
The company has celebrated many milestones since its launch in 2013. In March 2014, Urban Compass expanded to a second office at historic 19 Union Square West, adding 9,000sf to accommodate its rapid growth. Over the past several months, the company has hired top-producing agents from the most esteemed brokerages across New York City. Most recently, the company welcomed Leonard Steinberg and Hervé Senequier as President and Vice President of Strategic Development, respectively, bringing with them well over $250 million of active exclusive residential listings.
About Urban Compass
Urban Compass is a technology-driven real estate platform based in Manhattan. Launched by Ori Allon and Robert Reffkin in 2013, Urban Compass takes an innovative approach to real estate, offering technology that empowers agents and clients to collaborate on a home search that is simple, intelligent and enjoyable. To learn more about Urban Compass, please visit www.urbancompass.com or stay in touch on Facebook or Twitter.