Compass, a New York-based startup that makes technology tools for real estate brokers, said today that it has raised $100 million in Series E funding at a $1.8 billion valuation. Already active in 10 U.S. markets, Compass plans to use the funds to recruit agents in at least 10 additional markets, including Atlanta, Chicago, Houston, Phoenix, and Seattle. Investors include Fidelity, IVP, and Wellington Management.
Compass has wooed top real estate brokers with signing bonuses and the promise of better digital marketing tools. In return, brokers pay the company a share, ranging from 15%-30%, of their own fee. Last year, those revenues added up to $188 million.
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