SoftBank Group Corp., through its Vision Fund, has agreed to invest US$450 million in Compass, a New York-based real estate technology company.
The investment brings the total capital raised to US$775 million. The multimillion-dollar investment from the Japanese conglomerate's massive tech fund is the largest real estate technology investment in U.S. history, according to a Dec. 7 press release.
Compass will use the amount raised to further expand its business to major U.S. cities and increase its investment in technology.
The nearly US$100 billion SoftBank Vision Fund is reportedly the first in a series of investments in tech startups, with SoftBank CEO Masayoshi Son disclosing in October that the company planned to invest in 1,000 companies over the next decade.
Investors in the fund include tech giants such as Apple Inc., QUALCOMM Inc. and Apple supplier Foxconn Technology Group, also known as Hon Hai Precision Industry Co. Ltd., as well as state-controlled funds such as the Public Investment Fund of Saudi Arabia and United Arab Emirates' Mubadala Development Co. PJSC.
