Raising Over $200M In Just Three Months, Side Prepares to Enter 15 New States by 2022, Paving Way for IPO
SAN FRANCISCO, June 28, 2021 /PRNewswire/ -- Side, the only real estate technology company that exclusively partners with the very best agents, teams, and independent brokerages to transform them into leading boutique brands and businesses, today announced the company has raised an additional $50+ million, more than doubling its valuation to $2.5 billion just three months after being valued at $1 billion. Led by Tiger Global Management, with participation from ICONIQ Capital and D1 Capital Partners, this additional fundraising at a significant valuation reaffirms Side's position as the leading brokerage platform and the fastest growing real estate company in history. Coming off the heels of a $150 million Series D round led by Coatue Management in March of this year, Side is now backed by the three top technology initial public offering (IPO) underwriters, a rare distinction. Total combined funding for Side now amounts to well over $250 million with Matrix Partners, Sapphire Ventures, Trinity Ventures, and 8VC leading earlier rounds.
"Today's financing signifies confidence in our vision to reinvent the traditional brokerage model." - Guy Gal
This latest wave of capital underpins Side's national expansion efforts as the company prepares to enter 15 new states by the end of 2021. Following a momentous year, Side celebrates a more than 200 percent year-over-year increase in agent represented home sales across its three operating markets of California, Texas, and Florida. By the end of 2021, Side is expected to further expand and close over $20 billion in home sales, positioning the company as a top 10 national brokerage by volume. New funding will accelerate Side's growth for its best-in-class technology brokerage platform, while setting the stage for a future IPO.
"Today's financing signifies confidence in our vision to reinvent the traditional brokerage model by partnering with the very best real estate agents to create boutique brands that are the service leaders in their market," said Guy Gal, Side co-founder and chief executive officer. "We are excited to partner with more agents across the country, increase investment in our existing agent partnerships, and further support more top real estate professionals in serving buyers, sellers, and renters better than anyone else from coast to coast."
For the very first time in history, Side allows top-producing agents, agent teams and independent brokerages the power to gain full ownership of their own boutique brand and business without having to operate as a brokerage. Developed by industry professionals and world-class engineers, Side's white-label technology brokerage platform exclusively markets an agent's business to clients while handling all the back-end implementation including marketing and advertising, brand development, system implementation, listing coordination, legal, insurance, office space, and more. Leading with its innovative proprietary patented technology, Side delivers enhanced time-saving capabilities and fully managed growth marketing services, making it possible for agents and teams to stay 100 percent client focused delivering the best results for their communities.
Side transforms high-performing agents, teams, and independent brokerages into successful businesses and boutique brands that are 100 percent agent-owned. Side exclusively partners with the best agents, empowering them with proprietary technology and a premier support team so they can be more productive, grow their business and focus on serving their clients. Side is headquartered in San Francisco. For more information, visit www.sideinc.com.
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