Raising over $200M In three months, Side prepares to enter 15 new states by 2022, paving way for IPO
Side announced the company has raised an additional $50+ million, more than doubling its valuation to $2.5 billion just three months after being valued at $1 billion.
Led by Tiger Global Management, with participation from ICONIQ Capital and D1 Capital Partners, this additional fundraising comes off the heels of a $150 million Series D round led by Coatue Management in March of this year. Side is now backed by the three top technology initial public offering (IPO) underwriters. Total combined funding for Side now amounts to well over $250 million with Matrix Partners, Sapphire Ventures, Trinity Ventures, and 8VC leading earlier rounds.
RealTrends spoke with Co-founder and CEO Guy Gal for an exclusive peek into this company’s unique business model, his thoughts on the new wave of technology-driven real estate companies and the company’s original $1 billion valuation. The RealTrending podcast will go live on Tuesday, July 6.
This latest wave of capital supports Side’s national expansion efforts as the company prepares to enter 15 new states by the end of 2021. Side reported a more than 200 percent year-over-year increase in agent represented home sales across its three operating markets of California, Texas, and Florida. By the end of 2021, Side is expected to further expand and close over $20 billion in home sales. New funding will accelerate Side’s growth for its technology brokerage platform, while setting the stage for a future IPO.
“Today’s financing signifies confidence in our vision to reinvent the traditional brokerage model by partnering with the very best real estate agents to create boutique brands that are the service leaders in their market,” said Gal. “We are excited to partner with more agents across the country, increase investment in our existing agent partnerships, and further support more top real estate professionals in serving buyers, sellers, and renters better than anyone else from coast to coast.”