Side raises additional $50M in funding from Tiger Global; valuation shoots up to $2.5B
At a Glance
San Francisco’s Side turned a unicorn in March this year, raising $150M from Coatue Management in Series D. It has now bagged an additional $50M from Tiger Global Management, with a valuation jump to $2.5B, a two-fold plus increase from the initially achieved $1B
San Francisco-based Side, a real estate technology company, helping independent brokerages turn into brands and business, has announced an additional $50 million fundraise to its $150 million Series D funding that it raised in March 2021. The additional funding values the company at $2.5 billion, which is more than a two-fold increase from its $1 billion valuation attained during Series D.
The latest funding was led by Tiger Global Management with participation from ICONIQ Capital and D1 Capital Partners. Side’s total funding has now crossed $250 million. In a statement to the press, the company said that the proceeds from the new funding would set the stage for its growth and IPO aspirations in the future. The funding underpins its national expansion goals of entering 15 new states by the end of 2021.
Side, founded in 2017, empowers agent teams and independent brokerages to gain full ownership of their businesses without having to operate as brokerage. Its white-label technology brokerage platform markets agents’ businesses to clients and handles necessary back-end implementations such as advertisement.
By the end of 2021, Side is expected to further expand and close over $20 billion in home sales, which shall position the company on the top 10 national brokerages by volume.
Guy Gal, co-founder and CEO of Side, stated that the funding portrayed confidence in Side’s vision of reinventing the traditional brokerage model by partnering with real estate agents, creating boutique brands to service market leaders. He added,
“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.”Guy Gal, co-founder and CEO of Side