Israeli entrepreneur Ori Allon is making big headlines again. A company of his based in New York, called Compass, just announced that it raised $400 million in Series F financing, NoCamels reports. Involved were Softbank Vision Fund, Qatar Investment Authority, Wellington, IVP, and Fidelity, the news outlet added.
While the sum may look big, and it is, it’s actually just a fraction of the $1.2 billion that the company has now raised in capital in the past six years, and all of that capital “will enable the company to expand internationally, continue to fuel its growth across the US, and increase its investment in technology to further empower Compass agents and their clients,” according to what Compass believes.
Real estate has been around for most of civilization in some form or another, and while plenty of people have seen the lucrative opportunities the housing sector can provide, Compass stands out because it thinks outside the box. While its competitors rely on more traditional methods, Compass has some Silicon Valley-esque aspects of it in that it assesses the real estate market in America by using a complex platform built on algorithms. The company’s technology is supposed to improve the process all around, and NoCamels reports that the expertise of top agents meant to be included in the process is attractive with significant signing bonuses, NoCamels reported in January.
“Real estate is the largest asset class in the world, and we are excited to bring Compass technology to international markets,” Allon said in a statement. “Our incredible track record of growth in the US validates our vision and sets us up for the global stage. The support of our investors will strengthen the Compass mission to help everyone find their place in the world by advancing our national and global expansion and continue building our agent productivity platform through technology and innovation.”
The Jewish Voice has been reporting on the emergence of Israeli tech companies. Congress has wanted to increase U.S. investment in Israeli security technologies and other sectors in response to efforts by international anti-Israel groups to promote economic boycotts of the Jewish state.
China has also take notice of Israeli tech companies. According to Israel’s Foreign Ministry, China accounts for about one-third of investments in Israeli high-tech companies.
Chinese investments in Israeli companies range from coding platforms and video technology, to automotive tech and agriculture. Israeli Prime Minister Bibi Netanyahu has become one of China’s biggest cheerleaders, as he “pivots” Israel toward Asia. Netanyahu visited China once and made sure that Israel and China would sign a number of bilateral agreements to cooperate on issues like air pollution, water conservation and high-technology. These issues are big priorities to both countries.
By: Jillian Hetherington
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