In a recent article by Bloomberg, Urban Compass Inc. has just received a $360 million valuation after receiving $40 million from investors. The New York startup’s revenues have jumped 10-fold in the last year, so investors are keeping a keen eye on this company. Urban Compass is a tech startup that makes buying and renting apartments easier in New York City. They list properties and connect real estate agents with people searching for apartments. This app is beneficial for both brokers and people searching for apartments. Users are able to get down to precise specifics on what they want when looking for apartments, and brokers are easily able to connect and maintain in contact with clients through the mobile application.
Ori Allon, co-founder of Urban Compass, states that their services are about to expand to such cities as Boston, Chicago and San Francisco. Urban Compass is attempting to take the dishonesty out of searching for an apartments and make the entire process a more transparent and effortless.
Allon and Urban Compass’ CEO, Robert Reffkin, are experienced when it comes to business and finance. Allon has already sold companies to Google and Twitter, while Reffkin was the chief of staff for Goldman Sachs. Their latest round of investments have been from Thrive Capital, Founders Fund, .406 Ventures, and the CEO of American Express, Kenneth Chenault.
Urban Compass currently employs close to 150 people as they are moving to a new office location in Union Square. Half of the staff is made up of licensed real estate sales people, as Allon hopes to reach over 200 licensed real estate sales people within the next year. The brokers are easily able to use Urban Compass’ software to maintain relationships with clients and keep tabs of their hectic schedules. Searching for an apartment in NYC is hectic, so it’s about time that better software has come out to fix this industry with many holes in it.
This blog post is based off of this Bloomberg article.