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SoftBank-backed Real Estate Brokerage Compass Aims for $10B Valuation in NYSE Debut

It will list on the NYSE under the ticker symbol COMP. The underwriters for the offering are Goldman Sachs, Morgan Stanley and Barclays.

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Venture-backed real estate brokerage Compass is aiming for a $10 billion valuation when it lists on the New York Stock Exchange, according to an updated filing with the U.S. Securities and Exchange Commission on Tuesday.

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New York-based Compass has raised around $1.52 billion in funding from investors including the SoftBank Vision Fund and IVP, and it was last valued at $6.4 billion by private investors, according to Crunchbase data.

The company plans to offer 36 million Class A shares for $23-$26, according to Tuesday’s filing. It will list on the NYSE under the ticker symbol COMP. The underwriters for the offering are Goldman Sachs, Morgan Stanley and Barclays.

Compass generated revenue in 2020 of $3.72 billion, up 56 percent year over year. Its losses for the year came out to $270.2 million, down from $388 million the year prior.

The company operates similar to a traditional residential real estate brokerage, but has differentiated itself with technology and tools like an in-house customer relationship management system and marketing software suite, as well as competitive perks and benefits for agents.

The company says it now works with more than 19,000 real estate agents across the country and has facilitated more than $300 billion in gross transaction volume through its platform since 2012.

Compass’ operating costs are its commission and transaction-related expenses, according to regulatory filings, with the company spending more than $3 billion in that category in 2020. Sales and marketing was the next largest operating expense, with Compass spending nearly $408 million in that area last year.

Its impending IPO coincides with a surge in U.S. homebuying that pushed existing home sales to a 14-year high in 2020, according to the National Association of Realtors.

As of earlier this month, venture-backed startups in the real estate and real estate investment space had raised at least $962 million in funding globally already in 2021, according to preliminary Crunchbase data, and more than $8.7 billion since March 2020.

Stay up to date with recent funding rounds, acquisitions, and more with the Crunchbase Daily.

  • See also: Compass Is Funded Like A Tech Company. Is It One, Though?
  • Source: https://news.crunchbase.com/news/compass-ipo-valuation/

    softbank-backed-real-estate-brokerage-compass-aims-for-$10b-valuation-in-nyse-debut

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    Sweden’s Einride Raises $110M For Autonomous And Electric Freight

    Electric and autonomous freight tech company Einride has raised $110 million in a Series B round, the company announced Thursday.

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    Electric and autonomous freight tech company Einride has raised $110 million in a Series B round, the company announced Thursday.

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    The Stockholm, Sweden-based company, which was founded in 2016, makes autonomous and electric freight trucks for the transportation of goods, as well as provides a freight mobility platform.

    The company decided to focus on freight transportation for a few reasons. Freight lends itself well to autonomous transportation because it’s predictable, repetitive and generally happens outside of cities, CEO Robert Falck said in an interview. For the founding team, it was obvious that the transition to autonomous would happen first for freight transportation, Falck said.

    “I think the most important part of that is there is a very clear business case for freight compared to taxi services, robotic taxis, things like that,” Falck said.

    Freight transportation also contributes to global CO2 emissions, which makes it a prime candidate for electrification.

    “We think electrification will be the big theme for the next 10 years or so,” Northzone General Partner Jessica Schultz said in an interview. “It’s more sustainable and cheaper.”

    Electrification — and autonomous vehicles — are both big themes in the world of transportation, though much of the attention is given to passenger vehicles. But the company’s stance is that the freight transport industry could benefit more immediately from the trends.

    “When it comes to freight, most contracts are for three to five years and it’s repetitive and predictable,” Falck said.

    The new funding will be used to invest in the company’s technology, continue delivering to customers, grow revenue and expand internationally. Einride counts companies like Coca-Cola, Oatly and Electrolux among its customers.

    Last year, the company doubled its team and plans to grow its revenue tenfold in the next year or so.

    New investors Temasek, Soros Fund Management LLC, Northzone, Build Capital and Maersk Growth all participated in the round, as did existing investors EQT Ventures, Plum Alley, Norrsken VC, Ericsson, and NordicNinja VC.

    The new round brings Einride’s total funding to $150 million. The company last raised money in October 2020, per Crunchbase data.

    Illustration: Dom Guzman

    Stay up to date with recent funding rounds, acquisitions, and more with the Crunchbase Daily.

    “I think the most important part of that is there is a very clear business case for freight compared to taxi services, robotic taxis, things like that,” Falck said.

    Source: https://news.crunchbase.com/news/swedens-einride-raises-110m-for-autonomous-and-electric-freight/

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    The Briefing: Wealthsimple Raises $610M, Path Robotics Scores $56M, And More

    Crunchbase News’ top picks of the news to stay current in the VC and startup world.

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    Here’s what you need to know today in startup and venture news, updated by the Crunchbase News staff throughout the day to keep you in the know.

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    Wealthsimple pulls in $610M at $4B valuation

    Toronto-based Wealthsimple, a provider of tools for managing one’s money and investment portfolio, reportedly raised $610 million in fresh funding at a valuation of around $4 billion.

    Meritech and Greylock led the financing, which roughly doubled the company’s valuation since its last round in October. Previously, Wealthsimple had raised around $310 million in known funding, per Crunchbase data.

    — Joanna Glasner

    Funding rounds

    Path Robotics lands $56M: Columbus, Ohio-based Path Robotics, a developer of autonomous welding robots, announced it has raised $56 million in a Series B funding round led by Addition. The company says its AI-enabled robotics product will self-adjust for each part it produces, filling demand in a field facing chronic labor shortages.

    — Joanna Glasner

    Health care

    Bone Health Technologies inks $2.5M: San Francisco-based Bone Health Technologies closed on $2.5 million in an oversubscribed funding round led by Good Growth Capital. Bone Health is developing a new standard of care for treating both osteoporosis and osteopenia, the precursor to osteoporosis. The company was recently granted Breakthrough Device Designation by the U.S. Food and Drug Administration for OsteoBoost, its vibration belt designed for the prevention of osteoporosis. Studies show that one 30-minute treatment with OsteoBoost reduced bone loss activity in all study participants, according to the company.

    — Christine Hall

    M&A

    Dell to sell Boomi for $4B: Dell struck a deal to sell its Boomi cloud computing business to private equity firms Francisco Partners and TPG in a transaction valued at around $4 billion. Berwyn, Pennsylvania-based Boomi makes software that helps applications communicate with each other.

    — Joanna Glasner

    Illustration: Dom Guzman

    Stay up to date with recent funding rounds, acquisitions, and more with the Crunchbase Daily.

    Source: https://news.crunchbase.com/news/briefing-5-3-21/

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    The Briefing: Darktrace Soars In IPO, Mux Picks Up $105M, And More

    Crunchbase News’ top picks of the news to stay current in the VC and startup world.

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    Here’s what you need to know today in startup and venture news, updated by the Crunchbase News staff throughout the day to keep you in the know.

    Subscribe to the Crunchbase Daily

    Darktrace shares soar in London IPO

    Shares of British cybersecurity company Darktrace surged in first-day trading in London Friday, with the stock up as much as 43 percent in initial trades.

    The Cambridge, U.K.-based company priced shares for its offering before trading commenced at a valuation of around $2.4 billion.

    Founded in 2013, Darktrace uses AI to detect and respond to threats in companies’ IT systems. Previously, the company raised at least $230.5 million in known funding, per Crunchbase data.

    — Joanna Glasner

    Funding rounds

    Mux raises $105M for video streaming: Video platform Mux has raised a $105 million Series D, bringing its valuation above the $1 billion mark. Mux’s technology helps developers build live and and on-demand video streams, something that became more popular during the COVID-19 pandemic with many people staying home. The round, which was led by Coatue, brings Mux’s total funding to $175 million.

    –Sophia Kunthara

    PortalOne picks up $15M for hybrid gaming: PortalOne, a startup developing what it describes as “hybrid games,” combining gaming and TV, raised $15 million in a seed round backed by a long list of investors, including Founders Fund, Atari, Twitch co-founder Kevin Lin, and Coatue Mangement. Founded in 2018, the company, which operates offices in Oslo, is looking to popularize a new category of entertainment that mixes games with live shows that are embedded directly inside the games.

    OnLume Surgical raises $7M Series A: Madison, Wisconsin-based OnLume Surgical, a medical device company developing novel imaging systems for use during surgery, announced the completion of its Series A funding to assist its plans for a commercial launch.

    — Joanna Glasner

    Illustration: Dom Guzman

    Stay up to date with recent funding rounds, acquisitions, and more with the Crunchbase Daily.

    Source: https://news.crunchbase.com/news/briefing-4-30-21/

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    Electric and autonomous freight tech company Einride has raised $110 million in a Series B round, the company announced Thursday.

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