On Monday, 22nd March 2021, Side Inc. announced that it has successfully raised $150 million from the Series D funding round. With that, the valuation of Side, a real estate technology company, soared to $1 billion and total funding increased to well over $200 million since its incorporation.
This round of funding was led by Coatue Management, along with the participation of existing backers like Sapphire Ventures, Trinity Ventures and the Matrix Partners. Side hopes to use this new financing to their advantage in terms of expanding their current operations and unfolding their business scope.
Side, Inc. was founded in 2017 by Hilary Saunders, Edward Wu and Guy Gal at San Francisco Bay Area in the USA. This company was created on the premise that most agents in the real estate business are not appreciated and deserved by the traditional brokerage models. Side works with the independent brokerages, teams and real estate agents by marketing them into 100% agent-owned businesses and boutique brands. They provide them with the requisite proprietary technology and support team to become successful in their business, improve their productivity, grow their transactions, and help them focus on serving their clients. Side is currently serving more than 1,500 partner agents and employs 300+ staff.
The $150 million amount raised in the Series D funding round is notably very high compared to the $35 million raised in the Series C funding round during November 2019. Meanwhile, the $1 billion valuation of Side as per this funding round is a 7x increase to the $150 valuation at the time of the last funding round. Sapphire Ventures led the Series C funding round, which allowed its managing director Paul Levine to join the board of directors at Side.
In 2020, Side earned revenue of around $30 million to $50 million which it expects to double for the current year. Meanwhile, in 2019, the company represented over $5 billion in annual home sales across its real estate partners. Now, the agent partners community of Side are representing over $15 billion annual volume of production. The company is planning to spend its new capital on hiring 200 staff to expand its business outside of California, Texas, and Florida in the USA.