San-Francisco based startup Side raises “$50 million-plus” in a funding round | MENA startups, innovation, and tech news

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San-Francisco based startup Side raises “$50 million-plus” in a funding round
Funding, Startups

San-Francisco based startup Side raises “$50 million-plus” in a funding round

 The funding round led to more than doubles its valuation to $2.5 billion
 Just 3 months ago Side raised $150 million in a Series D funding round led by Coatue Management.

Side, a real estate tech start-up that tasks to turn agents and independent brokerages into businesses and boutique brands, has raised “$50 million-plus” in a funding round that more than doubles its valuation to $2.5 billion.

According to the reports side is backed by top technology-based initial public offering (IPO) underwriters and the latest funding fixes the jewel in the crown by setting the stage for a future IPO. In 2020 the startup pulled the revenue in the range of $30 – $50 million and expects to double it in 2021. The year 2019 was a big boon when side represented more than $5 billion in annual home sales across all of its partners. Today, the company has an agent base crossing $15 billion in annual production volume. And it is estimated that by the end of 2021, it will have closed over $20 billion in home sales, locating the company in the list of top10 national brokerage by volume.

Today, the side has more than 1800 partner agents extended across the regions of California, Texas and Florida. According to the stakeholders, Side has seen a 200% year-over-year increase in agent-represented home sales across its 3 operating markets California, Florida, and Texas, in the coming years the company is planning to enter 15 new states by year’s end. Edward Wu, Hilary Saunders, and Guy Gal, founders, Side say that the premise on which the company is established is that most real estate agents are “underserved and under-appreciated” by conventional brokerage models.

CEO Gal states the prevailing brokerages are designed to support average agents and, as such, the top-producing agents end up having to do all the hard work. The side works with agents and teams by marketing their boutique brands. It also provides the required technology and assistance needed on the back end. The utmost aim is to help partner agents expand their businesses to new heights and improve their productivity. Existing brokerages in the region discourage agents from becoming top producers and teams, Side, rather than demotivating and take part with top agents and teams, enabling them to develop and scale their own business and brand.

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