News that a real estate startup Side just raised another $ 50 million in new funding, unsurprisingly. The company, which received $ 150 million in Series D just a few months ago, is now valued at over $ 2.5 billion.
Previously, Coatue Management moved core funding to Side when the company was valued at $ 1 billion. Now, Tiger Global Management, ICONIQ Capital and D1 Capital Partners have joined them as the Party raises a fuss ahead of the upcoming IPO.
So far, the company aims to transform private persons Real Estate Brands has raised over $ 250 million from the aforementioned and Matrix Partners, Sapphire Ventures, Trinity Ventures and 8VC in previous rounds.
Outside executives say the company expects to generate somewhere around $ 100 million in revenue this year. By TechCrunch Mary Ann Azevedo it was recently reported that the company’s agent partner community has more than $ 15 billion in annual production. She also mentioned that Side plans to close more than $ 20 billion in home sales by the end of 2021. This will make the San Francisco-based company the 10th largest brokerage firm in the United States in terms of sales.
The company currently has more than 1,800 agent partners in California, Texas and Florida representing a 200% increase in home sales through agents over the same period last year in three operating markets. Sid says they expect to enter 15 more markets this year.
Guy Gal, Edward Wu, and Hilary Saunders (above) started Side with the thought that agents were greatly undervalued. For people in the industry, the premise that the best agents take on most of the hard work in the brokerage will resonate with people in the industry. By taking advantage of the Side, road users and shakers can brand themselves and directly benefit from the experience.
Side works with agents and teams to create and promote their unique boutique brands, which many top agents try alone but often fail. Side is different from other brokerage companies because it is a platform, not a brand. This makes the platform an invisible, white label that allows agents to be independent, stand out and be more effective at all times.