Urban Compass Raises $20 Million in Series A Funding
Sep 30, 2013 (Close-Up Media via COMTEX) --
Four months after launching, Urban Compass announced it has raised $20 million in Series A funding from a group of new and existing investors, including Advance Publications, Inc. (the parent of Conde Nast), Founders Fund, Thrive Capital, .406 Ventures, Salesforce.com Founder & CEO Marc Benioff, and others.
According to a release, the Series A funding brings the total raised to $28 million, including the company's initial seed round of $8 million.
The company noted that the new funding will enable Urban Compass to meet increasing customer demand and scale the business.
Executive Chairman Ori Allon explained, "Since launching, we've successfully executed on our initial vision by bringing our technology and customer service together to help New Yorkers find a new home. We are thrilled to partner with a group of new and existing investors and look forward to continuing to innovate and expand our platform."
Urban Compass is a technology company that helps people find a place to live and make the most out of it.
Advance Publications, Inc., is a privately held communications company that, directly or through subsidiaries, owns Conde Nast, Parade Publications, Fairchild Fashion Media, American City Business Journals and newspapers in more than twenty-five American cities; Advance Publications' affiliated companies also have interests in cable television and Internet sites, and significant ownership stakes in Discovery Communications and Reddit Inc.
Founders Fund provides capital to transformational businesses run by entrepreneurs. Urban Compass is backed by FF Angel, the early-stage investing arm of Founders Fund.
Thrive Capital is a venture capital investment firm focusing on media and internet businesses. The
.406 Ventures provides capital and support for high-potential early stage technology companies.
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