Place raises $100 million

Place, the startup offering a business platform for top real estate agents, has raised a $100 million Series A round at a valuation of more than $1 billion. The round was led by the growth equity business within Goldman Sachs Asset Management with participation from 3L Capital.

Founded in 2020, the Washington-based startup delivers an end-to-end suite of software solutions and business services that include administrative support, marketing and branding, lead generation, accounting, legal, human resources, and back-office infrastructure. It partners with agents and teams from a variety of brokerage brands operating in over 100 “unique markets” across the US and Canada.

Place also has an insurance component – it features Place Title, “a new platform for powering an exclusive network of independent title insurance agencies and escrow companies” across the US. Additional elements on its site include property search as well as mortgage and financing solutions.

“The top 20% of agents in any market serve the vast majority of consumers that need to buy, sell, or invest in real estate. Those top agents are our customers. We help them solve the problems that are holding their businesses back: finding and hiring talent, retaining their top producers, implementing technology and systems, increasing per-agent productivity, and driving business growth and profitability.” – Ben Kinney, Co-Founder, Place.

“We were attracted to PLACE by its battle-tested technology and leadership team that has dedicated their careers toward helping high-performing agents and teams succeed. Ultimately, the performance of Place’s operators speaks for itself.” – Paul Pate, VP, Goldman Sachs Asset Management. “”

“This model of bundled business services is long overdue in the industry. Top producers are eager to expand their focus from transactions alone to running scalable and profitable businesses that provide tremendous value and expertise to their consumers.” – Chris Stuart, president, Place.

Bottom Line: Place seems to be the place for everything…