Side nabs $50M in latest funding round
VC-backed brokerage doubles valuation to $2.5B, prepares for IPO
Side, the white-label brokerage with VC backing, has secured $50 million in its latest funding round, raising its valuation to $2.5 billion.
Hedge fund Tiger Global Management led the round, Side announced Monday. Family office ICONIQ Capital, known for managing Mark Zuckerberg, Sheryl Sandberg and Jack Dorsey’s money, also participated; along with D1 Capital Partners.
The investment comes a few months after the Guy Gal-led firm closed $150 million in Series D funding at a valuation of $1 billion.
Side is preparing an initial public offering and the new valuation vaults it into the upper ranks of residential brokerages, but still well behind Compass’ IPO valuation of just over $7 billion.
The San Francisco-based company said it will enter 15 new states by the end of the year. It now operates in California, Florida and Texas, with more than 1,800 partner agents.
Side was founded in 2017 and received initial funding from venture capital firms including Trinity Ventures and Matrix Partners, along with other real estate investors. Its total funding has now exceeded $250 million, the company said.
Last year, Side recruited a number of top agents in Los Angeles, including Compass’ Kofi Nartey and a seven-member luxury agent team, also from Compass.