Side, a prop-tech unicorn company based in San Fransisco, announced that it raised USD 50 Million on Thursday, 28th June. After this funding round the valuation of the company raised to USD 2.5 Billion.
Side’s latest funding round was closed just after three months of Series D funding at a USD 150 Million round which was led by Coatue Management at USD 1 billion valuations.
The latest round was led by Tiger Global Management with the participation of D1 Capital Ventures and ICONIQ Capital. Since its inception, the company has infused capital of USD 250 Million, with backers like Trinity Ventures, Matrix Partners, 8VC, Sapphire Ventures.
Side stated that now “backed by the three top technology initial public offering (IPO) underwriters” and that the latest funding “sets the stage for a future IPO.”
About Side –
Side, was incepted by Guy Gal, Hilary Saunders, and Edward Wu on the base that most real estate is “underserved and under-appreciated” by the brokerage model which is traditional.
CEO Guy Gal stated that brokerages are developed in such a way that it supports “average” agents, the top-producing agents end up having to do “all of the heavy liftings.”
Side’s white-label model works among the teams and agents by marketing their brand, while providig the required technology and support required on the backend. The main aim is to aid partner agents “predictably grow” the busienss they own and improve their productivity.
“The way to think about Side is the way you think about what Shopify does for e-commerce. When partnering with Side, top-producing agents, teams, and independent brokerages, for the first time in history, gain full ownership of their own brand and business without having to operate a brokerage,” Gal stated at the company’s last raise. “When you spend years solving the problems of this very specific community of agents, you are able to use software to drive enormous efficiency for them in a way that has never been done before.”
“Top producers want to grow and differentiate, and brokerages want them to do less business at higher fees and be one more of the same under the same brand,” Gal said. “Side, rather than discouraging and competing with top-producing agents and teams, enables them to grow and scale their own business and brand.”
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