Science & Technology

PLACE raises $100M at $1B valuation for its real-estate platform

PLACE Inc., a startup that provides software products and business services for real-estate brokerages, has raised $100 million in fresh funding at a $1 billion valuation.

Bellingham, Washington-based PLACE announced the Series A funding round this morning. Goldman Sachs Asset Management led the investment with participation from 3L Capital.

PLACE provides software that helps real-estate brokerages operate more efficiently. One of the main highlights of the startup’s software portfolio is a customer relationship management platform built specifically for companies in the real-estate industry. Brokerages can use the platform to manage the business data they generate as part of their sales efforts and coordinate deal-making activities, PLACE says. 

The startup also helps real-estate agents with marketing. PLACE’s feature set includes a tool that can automatically generate digital ads for new real-estate listings. Complementary graphic design capabilities allow brokerages to create additional marketing materials, such as flyers, from pre-packaged design elements that are accessible through a drag-and-drop editor.

PLACE provides its technology tools together with an array of business services. The startup helps real-estate brokerages with accounting, legal and human resources tasks, as well as employee training. On the go-to-market side, PLACE provides customer acquisition services.

PLACE claims that its suite of technology products and business services can help real-estate brokerages operate more efficiently than they could by managing every task in-house. The startup says that the increased operational efficiency facilitated by its offerings translates into improved employee productivity and higher sales.

Using the newly closed $100 million funding round, PLACE will hire more employees to support its growth plans. The startup intends to enhance its technology portfolio by adding more products for real-estate brokerages and, in conjunction, will enhance its line of business services. 

“This Goldman Sachs-led round of financing will allow for the continued expansion of the PLACE platform as well as the services needed by agents and teams to stay ahead of the ever-changing demands of the real estate consumer,” said PLACE co-founder Chris Suarez.

The startup can likely also be expected to expand into more markets. PLACE says it already works with real-estate brokerages in more than 100 markets across the U.S. and Canada,  a notable feat given that the startup only launched in 2019. 

PLACE is the latest in a series of real-estate startups to have raised funding recently. HomeLight Inc., which helps home sellers find real-estate agents, closed a $100 million investment a few months ago. Side Inc., a startup with a suite of services designed to ease agents’ day-to-day work and help them acquire more customers, earlier raised a $50 million funding round.

Construction startups have also been drawing investor interest lately. ICON Build Inc. raised $207 million in August to hire more employees and enhance its Vulcan robotic construction system, which uses 3D printing to manufacture buildings. 

Image: PLACE

Show your support for our mission by joining our Cube Club and Cube Event Community of experts. Join the community that includes Amazon Web Services and CEO Andy Jassy, Dell Technologies founder and CEO Michael Dell, Intel CEO Pat Gelsinger and many more luminaries and experts.

Source link

Leave a Reply

Your email address will not be published.