Place, a business service platform for agents in the US and Canada, has raised $100m in a Series A funding round led by Goldman Sachs Asset Management, valuing it at more than $1bn.
Place provides a range of services for agents, including administrative support, marketing and branding, lead generation, accounting, legal, HR, back-office infrastructure and training.
The company targets the top 20% of agents in a given market, taking a “broker agnostic” approach to working with brands.
Led by Goldman Sachs Asset Management with participation from 3L Capital, the latest funding round – the first external capital the company has raised – will be used to expand Place’s products and services and to target more large firms.
Investors have gravitated towards software for agents this year. A San Francisco-based tech company, Side, similarly secured a $1bn valuation in early 2021 with a business that develops strategies and provides software to individuals or teams looking to create boutique brands.
Ben Kinney, co-founder of Place, said: “The top 20% of agents in any market serve the vast majority of consumers that need to buy, sell, or invest in real estate.
“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.”
Paul Pate, VP at Goldman Sachs Asset Management, said: “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. Ultimately, the performance of Place’s operators speaks for itself.”
Place made a profit of more than $11m last year against revenue of $85m. The company said it expects revenue to exceed $150m in 2021.