Compass, a NYC-based real estate platform, closed a $50m funding round.
The new round was led by Institutional Venture Partners (IVP) with participation from existing investors Thrive Capital, Founders Fund, 406 Ventures, Advance Publications, Inc. (the parent company of Condé Nast), Kenneth Chenault, CEO of American Express and Marc Benioff, Founder and CEO of Salesforce.com.
The company, which has raised $123m to date, intends to use the funds to accelerate expansion into additional markets and to build out engineering, product and design teams.
Led by Ori Allon and and Robert Reffkin, Compass is a real estate platform which combines agents with technology to automate the process of buying, selling and renting a home. The company, which offers a proprietary app exclusively for its agents, in addition to its consumer web and mobile platforms, has offices in Manhattan, Brooklyn, Washington, D.C. and Miami, and plans to bring its technology to additional cities in the coming months including Atlanta, Boston, Chicago, Dallas, Houston, the Hamptons, Los Angeles, Philadelphia, Phoenix, San Diego, San Francisco and Seattle.