Boston Real Estate for Sale
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Compass, the real estate brokerage with more than 19,000 agents on its platform, filed its IPO prospectus with the Securities & Exchange Commission on Monday. The filing showed a $270 million annual loss. That was an improvement over 2019, in which the business posted a net loss of $388 million.
“I started Compass because of my mom, Ruth,” co-founder Robert Reffkin wrote in the filing. “As a single mother who provided for our little family entirely on her own, she embodies the entrepreneurial spirit.”
Fueled by $1.5 billion in funding, including from WeWork backer SoftBank, the company expanded rapidly by aggressively targeting agents at rival outfits. Compass’ valuation has grown in turn, to a reported $6.4 billion following a $370 million funding round in 2019. That number may rise higher following the IPO.
To date, Compass’ agents have closed over $300 billion worth of deals from more than 275,000 homebuyers and sellers. The company boasts 4% market share across the U.S., making it the largest independent brokerage as measured by gross transaction volume, it says.
