Urban Compass Raises $20 Million With A $150 Million Valuation
Urban Compass is a New York based startup that focuses on the home rental market. The company has raised $20 million in Series A funding with a $150 million valuation. Strategic investors that participated in this round includes Advance Publications (parent company of Conde Nast) and Marc Benioff (founder of Salesforce.com).
The existing investors from Urban Compass’ $8 million seed round that also participated in this round includes Founders Fund, Thrive Capital, and .406 Ventures. Urban Compass has doubled their revenues two months after launching. They are expecting to hit around $1 million per month as of October.
Urban Compass is used by people looking for an apartment in New York. You can find apartments with real-time availability, schedule appointments, get a tour, and connect to neighborhood specialists. Urban Compass charges fees of 7.5% for deals that do not involve brokers and 12.5% for deals that do involve brokers. Urban Compass plans to eventually expand outside of New York City.