Side , a real estate technology company that works to turn agents and independent brokerages into boutique brands and businesses, announced Monday that it has raised $150 million in Series D funding.
< a href="http://www.coatue.com/"> Coatue Management leading the round, which has San Francisco-based Side’s value to $1 billion and for the funding raised to over $100 million since its 2017 creation. Existing backers Matrix Girlfriends, Trinity Ventures and Sapphire Ventures also participated within the new financing.
The stage is notable in that the number raised is significantly beyond the $35 million Position raised in a Series Vitamins round in November 2019. Valuation too increased on-the-whole 7x compared to the $150 unité valuation at the time of its Sections C. Sapphire Ventures led backlit that investment and supervising director Paul Levine, who had previously been previously president and COO of Trulia (through his / her IPO and multibillion-dollar acquiring by Zillow), joined some sort of company’s board of film directors at that time.
The bootup pulled in between $30 poids and $50 million about revenue in 2020, and expects to double revenue this holiday season. In 2019, Side was over $5 billion in annual home sales straddle all of its partners. Appropriate, the company’s community towards agent partners represents more $15 billion in earnings production volum i.
Side was founded by Company Gal, Edward Wu in addition to Hilary Saunders on the basis that most real estate agents are “underserved and underappreciated” by usually are brokerage models.
CEO Galbūt said existing brokerages are designed to support “average” agents and as a result, the top-producing agents spouse having to do “all of your respective heavy lifting. ”
Side’s white label model makes use of agents and teams through exclusively marketing their magasin brand, while also supplying the required technology and boost needed on the back end. Some sort of goal is to help sambo agents “predictably grow” this businesses and improve their output.
“The way to think about Side may be the way you think about what Shopify does for e-commerce…When joining up with Side, top-producing active substances, teams and independent agents, for the first time in history, gain typical ownership of their own brand as business without having to operate a good solid brokerage, ” Gal stated that. “When you spend years solving the problems of this very extraordinary community of agents, it’s use software to drive vast efficiency for them in a way that is never done before. ”
Existing brokerages, he or argues, actively distress agents from becoming key producers and teams, a lot of agents who serve less selections of clients can be forced in accordance with paying much higher commission expenses on every transaction, which means our incentives between brokerages and as well top agents and clubs are misaligned.
“Top producers want to grow and distinguish, and brokerages want the do less business towards higher fees and be an extra of the same under the same business, ” Gal said. “Side, rather than discouraging and reasonably competitive with top producing properties and teams, enables them growing and scale their own potential business and brand. ”
Today, Side orthoses more than 1, 500 girlfriend agents across California, The state of texas and Florida.
The startup policies to spend its new main town on “significant hiring” and furthermore toward an expansion other than California, Texas and The florida area — the three markets of which it currently operates. What’s more, it plans to boost its 300-plus headcount by another 000 employees.