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Leading Real Estate Technology Platform Secures Series A to Accelerate Growth and PropTech Innovation
BELLINGHAM, Wash., Nov. 17, 2021 /PRNewswire/ -- PLACE, the real estate industry's only all-in-one technology and business services platform powering the top 20% of agents, announced today that it raised a $100 million Series A round, led by the growth equity business within Goldman Sachs Asset Management with participation from 3L Capital for a valuation of more than $1 billion. The Series A funding will support the continued expansion of PLACE's products and services, accelerate the onboarding of thousands of top real estate teams, and support continued investment in PLACE's technology.
PLACE delivers an end-to-end suite of software solutions and business services that include administrative support, marketing and branding, lead generation, accounting, legal, Human Resources, back-office infrastructure, and training for all positions. PLACE supports and partners with agents and teams from a variety of brokerage brands operating in over 100 unique markets across the US and Canada.
"The top 20% of agents in any market serve the vast majority of consumers that need to buy, sell, or invest in real estate," said Ben Kinney, Co-Founder, PLACE. "Those top agents are our customers. We help them solve the problems that are holding their businesses back: finding and hiring talent, retaining their top producers, implementing technology and systems, increasing per-agent productivity, and driving business growth and profitability."
PLACE plans to invest the capital into hiring talent and enhancing its end to end technology platform. The investments will result in an unparalleled consumer experience and increased productivity for top agents.
"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 Chris Suarez, Co-founder, PLACE.
PLACE partners achieve significant increases in their production upon affiliating with PLACE, including growing sales volume, increasing agent productivity and more than doubling their bottom-line profitability.
"We were attracted to PLACE by its battle-tested technology and leadership team that has dedicated their careers toward helping high-performing agents and teams succeed," said Paul Pate, Vice President, Goldman Sachs Asset Management. "Ultimately, the performance of PLACE's operators speaks for itself."
"This model of bundled business services is long overdue in the industry. Top producers are eager to expand their focus from transactions alone to running scalable and profitable businesses that provide tremendous value and expertise to their consumers," said Chris Stuart, President, PLACE.
PLACE, the industry's only fully integrated technology and business-services platform, powers high-performing real estate agents and their teams to drive greater scale and efficiency, consumer value, and profitability. For more information, please visit www.place.com or follow us on Facebook, Twitter, or Instagram.
About Goldman Sachs Asset Management Growth Equity
Bringing together traditional and alternative investments, Goldman Sachs Asset Management provides clients around the world with a dedicated partnership and focus on long-term performance. As the primary investing area within Goldman Sachs (NYSE: GS), we deliver investment and advisory services for the world's leading institutions, financial advisors, and individuals, drawing from our deeply connected global network and tailored expert insights, across every region and market—overseeing more than $2 trillion in assets under supervision worldwide as of September 30, 2021. Driven by a passion for our clients' performance, we seek to build long-term relationships based on conviction, sustainable outcomes, and shared success over time. Goldman Sachs Asset Management invests in the full spectrum of alternatives, including private equity, growth equity, private credit, real estate and infrastructure. Since 2003 the Growth Equity business within Goldman Sachs Asset Management comprising more than 75 individuals has invested over $13 billion in companies led by visionary founders and CEOs. We focus exclusively on investments in growth stage and technology-driven companies spanning multiple industries, including enterprise technology, financial technology, consumer and healthcare. Follow us on LinkedIn.
Lumina Communications on behalf of PLACE
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