Allon is the technical co-founder of Compass. "Coming up with an idea and creating technology is exciting, but it's more exciting to grow a company especially one customers like.". cities in the USA - it's all thanks to YOU! He holds 57 issued patents with additional patent submissions pending. A 2018 $1 billion investment, famous backers, and a series of acquisitions the company made give weight to Allons rosy forecasts. .postid-1764461 .panel-signup { All rights reserved 2023 The Real Deal is a registered Trademark of Korangy Publishing Inc. Watch: Developer Patrick Carroll "spits" on restaurant manager, Bad office debt grows at M&T, but bank still in good shape, Taconic sells Lower East Side retail condos, topping midsize i-sales, Compass IPO means payday for these investors, The definitive guide to the Compass C-Suite. Kalani received a Bachelor of Business Administration and a Master of Science in Accounting from Loyola University Chicago. . The firm has used equity as a recruitment tool since its founding, but in 2018 introduced a program that allowed agents to convert commissions into stock options and, later, restricted stock. [12] Compass was named Mid-Sized Business of the Year by the Manhattan Chamber of Commerce in 2015. By contrast, Reffkin. [27], In September 2013, the company raised a Series A financing round of $20 million, at a reported valuation of $150 million. Hong Kong's 50 Richest (2023) Personal Stats. Over the next two years, Compass said agents invested $70 million in commissions to buy stock options. func(); Other investors included Wellington Management, Institutional Venture Partners and Fidelity Investments. [64], Compass Collections is a curated visual workspace that allows agents and clients to collaborate in real-time to organize homes, centralize their discussions, and monitor the market by receiving immediate status and price updates.[65]. or debate this issue live on our message boards. Neda also spent years in the Bay Area working at high-growth technology companies, and in East Africa building programs to support female entrepreneurs. The company set aside about 7 percent of its Class A shares, or about 1.75 million shares worth $31.5 million, for agents. As of this writing, Ori has a $405 million stake in the company yet no direct reports. [57], Compass filed to go public in March 2021[58] and listed on the New York Stock Exchange on April 1, 2021 under the ticker COMP. } According to Allon, 2018 had been a year of unprecedented growth for the real estate technology firm. } Life is good for the 32 year old Israeli-born programmer, who, having sold his first company to Google and his second to Twitter, is tech's equivalent of a two time all-star. if(all_links.href.search(/^http/) != -1 && all_links.href.search('www.pedestrian.tv') == -1 && all_links.href.search(/^#/) == -1) { Source of Wealth Electronics, Self Made. The startup. In 2016, he received the HousingWire Vanguard Award in recognition of his distinguished leadership in the housing industry. "A compensation expert for Dorfman argued that as of June 2017 Dorfman was entitled to between 2 million and 2.2 million shares, or roughly 6 to 7 percent of the company, based on Reffkin and co . Frank Martell serves as President and CEO of loanDepot, where he leads the team in service of its mission to serve customers throughout the home ownership journey. In August, it announced it acquired San Francisco-based luxury real estate company Pacific Union International Inc. Pacific Union was ranked fifth largest real estate broker in the U.S. according to sales volume with over $14 billion in closed deals during 2017, according to a ranking by Colorado-based consulting firm Real Trends. Allan Leinwand is Chief Technology Officer at Shopify, joining in 2021 to lead the engineering teams. Compass also announced plans to use these funds to enter international markets and double down on creating world-leading technology. Part of the Daily Mail, The Mail on Sunday & Metro Media Group, Harrowing moment medics rush to save Jeremy Renner's life after he was crushed by 14,000lb snow plow - as actor is seen sprawled on the ground in a pool of his own blood and with 35 broken bones, ANOTHER report says COVID leaked from a lab: Biden administration faces more pressure to release all the intelligence on virus origins - after independent GOP probe found litany of safety issues at Wuhan Institute, Rural Ohio school district will allow teachers and staff to ARM themselves with guns: 'We will no longer be soft targets and unprotected', Yellowstone coming to an end after the second half of its fifth season amid disputes between Kevin Costner and creator Taylor Sheridan, sources say, Ex- NFL star Chris Smith dead at 31: Tributes pour in for eight-season defensive end who last played for Texans in 2021 and had JUST signed to the XFL, 'He didn't deserve to get shot': Good Samaritan, 42, recalls how he rushed to save 16-year-old 'shot by 85-year-old man' when he mistakenly knocked on his door - as teen was bloody and screaming for help, Prosecutor claims there WAS a 'racial component' in shooting of black Missouri boy, 16, who mistakenly knocked on door of elderly white man - as 85-year-old is charged with first-degree assault and armed criminal action, Missouri home where gifted black teen, 16, was shot after ringing wrong doorbell had signs warning 'NO SOLICITORS' and surveillance cameras, Disney doubles down! Last updated: 1 April 2023 at 11:00am EST. He owned 4.2 million shares as trading kicked off, though roughly 30 percent are stock options Sirosh has until the end of April to exercise. [5][6] Compass specializes in high-margin, luxury homes in upscale markets. Sure, he has competitors, he concedes. Within 10 months, Urban Compass was worth $150 million. Compass Co-Founder Robert Reffkin In Prime Position To Become America's Next Black Billionaire. 2023 Celebrity Net Worth / All Rights Reserved. Assuming SoftBank held its shares, they would be worth $2.55 billion. Prior to this, Google bought his search algorithm Orion and he headed up his own team that helped introduce the technology to the search engine. In 2012 he co-founded Compass, the real estate technology company, where he currently serves as Executive Chairman. The next biggest shareholders are co-founder Ori Allon, CEO Robert Reffkin and CTO Joseph Sirosh. During his eight-year tenure, Oracle tripled in market capitalization and acquired 70 companies. Stay up to date with what you want to know. Ori Allon built and sold one startup to Google, then another to Twitter. That was an improvement over 2019, in which the business posted a net loss . Compass won the 2020 Webby Peoples Voice Award for Real Estate in the category Web. Forbes Lists #2405. [31] Shortly thereafter, Compass signed a lease on 25,000 square feet of office space at 90 5th Avenue. Allon's reduced role at Compass now that it's a publicly-traded entity seems the natural progression for this serial entrepreneur. } It's his third startup, after selling one company to Google and another to Twitter. We have strong conviction that the technology and tools that Compass is building for agents will help them grow their business and better serve their clients, it said. } All valuations are ruled off in the first week of April. Compass 2023. His new company, which turned one in May, is now worth more than both of those startups combined. Greg Hart is a hi-tech leader with 20+ years experience at Amazon in all aspects of product development, product and general management, marketing, content and e-commerce. Along with Discovery, those include 406 Ventures, Joshua Kushners Thrive Capital and real estate players If his holdings remained unchanged, Allons shares are worth about $385 million. [21] Allon was a Director of Engineering at Twitter, and previously founded companies acquired by Twitter and Google. He has also held senior executive roles at eBay, AltaVista, Raging Bull, and Winstar Communications; and was co-founder of Accentures Media and Entertainment Strategy Practice. [26][27] The company initially focused only on rentals. On average, Compass executives and independent directors trade stock every 4 days with the average trade being worth of $297,073. [36], In September 2015, Compass raised a Series C financing round of $50 million at a reported valuation of $800 million. Ori Allon, 41, has already sold two tech companies prior to co-founding Compass. Ori Allon is a technologist and entrepreneur who, throughout his career, has built software-driven businesses that generate personalized experiences for the everyday consumer. By doing so, the company joins a rare list of only 172 international start-ups from countries including China, the United States, Germany and Singapore with that value - nicknamed 'unicorns' by analysts, according to market researchersCB Insights. as of 4/17/23. And that is none more evident than in the 2020 AFR Young Rich List, which was released earlier this afternoon. [20], Compass was founded by entrepreneurs Ori Allon, Robert Reffkin and Avi Dorfman as Urban Compass in 2012. Less than a year later in September 2018, Compass announced a $400 million in Series F funding at a valuation of $4.4 billion. It also previously misstated Ori Allon and Kenneth Chenaults titles. Dawanna Williams is the Founder and Managing Principal of Dabar Development Partners a real estate development firm that offers modern living solutions with intelligent planning, architectural ingenuity, and environmental integrity. [55] Compass planned to launch in Nashville, Houston, and Denver before the end of 2018. /*