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VC-backed brokerage Side gets $150M in funding

first_img BrokerageProptechResidential Real EstateTechnology Tags Side CEO Guy Gal (Photo via Disclosures)Guy Gal’s proptech product Side has gotten another financial boost.The startup has raised an additional $150 million in a round led by Coatue Management, Bloomberg News reported. After the latest funding round, the company is valued at $1 billion, according to the firm. Previous rounds have brought in investments from ex-Trulia president and COO Paul Levine and Patricia Nakache of Trinity Ventures.“The real estate market is kind of ripe for change and innovation,” Nakache told the publication. She added that Side is unique because it helps agents build their own brands, while traditional brokerages leverage agents to build their brokerage brands.Read moreYou can’t sit with us: How Side’s elite-agent model could upend the resi brokerage gameThis Side up: White label brokerage plucks luxury team from CompassSide Deal: Kofi Nartey bolts Compass for VC-backed rival Full Name* Side generates revenue by taking a 10 percent commission from its platform, using agents’ deal commissions, The Real Deal has previously reported. Gal, Side’s CEO, told Bloomberg News that the model is more appealing to top-performing agents whose average annual sales volume is $45 million.The additional funding will be used to expand the company’s reach beyond its current markets in California, Texas and Florida. [Bloomberg News] — Akiko MatsudaContact Akiko Matsuda Share via Shortlink Email Address* Message* Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlinklast_img read more