Compass Buys Tech Division of Shopping App Spring
Founded in 2012 by Robert Reffkin and Israeli entrepreneur Ori Allon, Compass has raised a total of $1.2 billion to date
New York-based real estate startup Compass announced Thursday it bought the research and development division of digital shopping platform Spring (listed as Jello Labs, Inc.). Compass did not disclose the financial terms of the deal. The remainder of the company was acquired last week by Chicago-based e-commerce company Shoprunner, Inc.Last month, Compass announced an investment of $400 million, led by Japanese telecommunication company SoftBank Group Corporation according to a $4.4 million valuation. Softbank led an earlier, $500 million investment round in Compass in December 2017, which was raised according to a $2.2 billion valuation.
For daily updates, subscribe to our newsletter by clicking here.Compass operates a digital portal for buying, selling, and renting real estate in cities across the U.S. including New York City, San Francisco, Los Angeles, Chicago, Washington, D.C., Dallas, and Miami. Over the summer, Compass acquired two San Francisco-based real estate companies, Paragon Real Estate Group, and Pacific Union International Inc. Compass did not disclose the amounts it paid.
Compass' Maelle Gavet, Ori Aloon and Robert Reffkin. Photo: PR
Founded in 2012 by Robert Reffkin and Israeli entrepreneur Ori Allon, Compass has raised a total of $1.2 billion to date. Last month, the company reported it had tripled the number of agents working with its platform to 7,000 in 2018. The company said it expects to reach $34 billion in sales in 2018, more than double its 2017 sales, which totaled $14.8.