In September 2013, Urban Compass announced a $20 million Series A to build a New York apartment-search service that combined online listings with human help and rental transaction tools. The idea was to take renters beyond browsing: users could check availability, schedule viewings, tour neighborhoods with specialists, and arrange monthly rent payments.
What Urban Compass offered New York renters
Urban Compass presented itself as a one-stop apartment-search service. According to TechCrunch’s September 25, 2013 report, renters could search listings with real-time availability, book viewings, explore properties and neighborhoods with “neighborhood specialists,” and arrange monthly rental payments.
The Real Deal described the early model as a listings website similar to StreetEasy paired with in-house neighborhood specialists who worked much like rental brokers. The combination mattered: the website helped people find and compare apartments, while staff could assist with the steps between discovering a listing and pursuing a rental.
How much Urban Compass raised—and what the valuation meant
Urban Compass announced a $20 million Series A on September 25, 2013, several months after launching. TechCrunch reported that the round included Advance Publications and Salesforce founder Marc Benioff, alongside earlier seed investors Founders Fund, Thrive Capital, and .406 Ventures.
TechCrunch also reported a $150 million valuation, attributing that figure to sources. It was not presented as a company-confirmed valuation, so it is best understood as a contemporaneous media report rather than a disclosed company figure.
What renters reportedly paid in 2013
TechCrunch’s 2013 account reported fees of 7.5% for deals without brokers and 12.5% for broker-involved deals. These are historical rates reported at the time, not current Compass fees or an offer available today. The report described a service that mixed a digital search experience with broker-like assistance, so the fee depended on whether a broker was involved in the transaction.
Rank #2
- Used Book in Good Condition
What happened to Urban Compass
The company behind the service became Compass, Inc. Its SEC filing says it was incorporated in Delaware on October 4, 2012, as Urban Compass, Inc.; its board approved the change to Compass, Inc. on January 8, 2021. The filing describes Compass’s platform as an integrated suite of cloud software and services supporting residential real-estate agents and brokerage operations. That current business description should not be confused with the consumer-facing apartment-rental service described in 2013.
As a later funding milestone, Compass announced on September 15, 2015, that it had raised a $50 million round led by Institutional Venture Partners and that its cumulative capital raised totaled $123 million. Those figures were reported by the company at that date.
Recommended Free Tools
Quick Recap
Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
