Side raises $150 million

Real estate tech startup Side is now valued at $1 billion after a ~$150 million funding round led by Coatue Management.

Founded in 2017, Side partners with “high-performing agents” to create, grow, and power their own brands and businesses with the support of a full-service model and a proprietary end-to-end technology platform. With Side, agents focus on two things – prospecting and sales and client services, leaving other areas such as marketing, listing coordination, system implementation, and vendor management to the company.

According to The Information, the company makes money by taking a 10% cut of commissions paid to real estate agents who use its service, and last year it generated between $30 million and $50 million in revenue.

Bottom Line: An insurance product is a logical next step.