Real estate startup company Compass announced that it received a $450 million investment from the $93 billion Softbank Vision Fund, whose backers include Japan’s Softbank and Saudi Arabia’s sovereign wealth fund, reported Tech Crunch. Other investors in Compass, include Fidelity, Goldman Sachs and Salesforce founder Marc Benioff.
Over the last 24 months, Compass said it grew the number of its agents by a staggering by 500 percent. Top agents are attracted to Compass because of their agent-centric technology, which helps drive a 25 percent increase in commissions income in an agent’s first year with the company. The real estate startup, which competes with Zillow and Trulia, is on track to hit 16,000 transactions and more than $14 billion in sales this year, as well as more than $350 million in revenue.
Compass operates in 11 regions across the United States: New York City, Los Angeles, Chicago, San Francisco, Boston, Washington, D.C., Miami, Orange County, The Hamptons, Santa Barbara and Montecito, and Aspen.
This is not the first major investment by Softbank in the real estate sector. In August 2017, the venture fund invested $4.4 billion in commercial office startup WeWork.