Last year, Compass, a real estate technology company based in New York City, raised $75 million in its Series D round of funding that turned the company into real estate’s newest billion-dollar startup company.
That capital raise placed the company’s valuation at more than $1 billion.
Now, one year later, the company’s valuation is nearly double that, thanks to another significant capital raise.
Compass announced this week that it raised $100 million in its Series E investment round, which placed the company’s valuation at $1.8 billion.
According to Compass, Fidelity Investments, IVP, Wellington Management, and other global investors led the funding. IVP and Wellington both participated in the Series D round of funding last year.
All total, the company has now raised $325 million.
Compass said that it plans to use the money to significantly expand its presence across the country.
Compass operates somewhat similarly to other online real estate listing sites like Zillow, Trulia, Realtor.com, and Redfin, but Compass focuses on broker listings, and instead of generating revenue via ads, Compass takes a portion of the sale when a transaction is conducted through its platform.
According to the data provided by the company, Compass’ agent population has increased by 500% in the last two years.
Additionally, the company said that it’s currently on track to complete 16,000 transactions and over $14 billion in sales this year, and is set to pull in more than $350 million in annual revenue.
The company, which was founded in 2012, currently operates in 10 regions: New York City, Los Angeles, San Francisco, Boston, Washington, D.C., Miami, Orange County, The Hamptons, Santa Barbara and Montecito, and Aspen.
With the new capital in its coffers, Compass has plans to grow to Atlanta, Austin, Charlotte, Chicago, Dallas, Houston, Philadelphia, Phoenix, San Diego, and Seattle – and plans to be in every major city in the U.S. by 2020.
Additionally, the company said that is plans to use the money to build new technology, including a CRM that integrates existing Compass tools with client, listings and transactions data.
Ori Allon, founder and executive chairman of Compass, said the company has big goals and believes it can achieve them.
“Compass is building the infrastructure, data and tools that will power the next generation of this industry,” Allon said in statement. “This new funding will allow us to double down on our development of transformative technology, while fueling continued expansion into all of the top real estate markets in the country. Our long-term vision is for Compass to be everywhere as the world’s largest real estate platform.”
Todd Chaffee, general partner at IVP, also touted the company’s potential as a reason why IVP is an investor.
“Compass has proven that its technologically advanced platform is incredibly attractive to the industry’s top agents,” Chaffee said. “Their position at the intersection of technology and real estate gives them the unique opportunity to be the single largest holder of real estate data, ushering in a new realm of possibilities for agents and clients alike.”