Profitable proptech Place raises $100M at a $1B valuation as Goldman Sachs leads its first round of funding –
Summary
One startup that aims to help agents succeed and flourish with its technology and “bundled business services,” Place, has raised $100 million in a Series A round at a valuation north of $1 billion. Rather, the two-year-old company describes itself as a “broker agnostic technology and business services solution” that works with top real estate producers from a variety of independent brokerage brands in the U.S. and Canada. Place co-founders and co-CEOs Ben Kinney and Chris Suarez have firsthand knowledge of the industry — each have two decades of experience as licensed real estate agents themselves. Paul Pate, a vice president in the growth equity business within Goldman Sachs Asset Management, said his firm was impressed by the fact that Place built its software first, specifically for top agent teams, and has seen strong commercial traction selling it standalone under its Brivity brand. In late June, Side, a real estate technology company that works to turn agents and independent brokerages into boutique brands and businesses, raised “$50 million-plus” in a funding round that more than doubled its valuation to $2.5 billion.