Side, a real estate technology firm which works towards transitioning independent brokerages and agents into businesses and boutique brands, doubled its value by accumulating over $ 50 million in funding.
The startup based in San Francisco, raised the latest funding just 3 months after accumulating $150 million in a Coatue Management-led Series D funding round, at a valuation of $1 billion. The latest investment was led by Tiger Global Management including participation from D1 Capital Partners and ICONIQ Capital. The startup’s total raised capital since its inception in 2017 now exceeds over $250 million.
The company has secured backing from top three technology initial public offering underwriters, and the latest funding has set the stage for a future IPO.
Side pulled in revenue somewhere between $30 million and $50 million in 2020 and is expecting double the revenue in the present year. As of now the company’s community of partner agents represents an annual production volume of over $15 billion. The company also predicts to be positioned amongst the ‘top 10 national brokerage by volume’ by closing over $20 billion in home sales towards the end of 2021.
Today the startup supports over 1,800 agent partners across Florida, California and Texas and has witnessed a 200 per cent surge in year-over-year agent-represented home sales across the company’s operating markets. Side, by the year end plans to enter fifteen new states.
The white label model of the company, works with teams and agents by ensuring exclusive marketing of their boutique brands, as well as facilitating the requisite technology and support on the back end.
“The way to think about Side is the way you think about what Shopify does for e-commerce […] When partnering with Side, top-producing agents, teams and independent brokerages, for the first time in history, gain full ownership of their own brand and business without having to operate a brokerage,” said Guy Gal, CEO of Side.
He further added that unlike the traditional brokerage models which discourage and compete with top producers and teams, Side ensures the growth and increased scalability of their own brand and business.