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New York-based real estate startup Compass Inc. raised $75M that values the company at more than $1 billion

The $75 million round was led by mutual fund operator Wellington Management Co. and included venture capital firms Institutional Venture Partners and Thrive Capital, according to the company.

Compass plans to use the money to expand into new locations and improve its technology for analyzing the real estate market. The company, which aims to make real estate transactions more transparent and convenient through an online service, has 24 offices across the U.S. and plans to open soon in San Francisco and other cities.