£2.5m Investment Drive for Free Property Portal with More UK listings than any Online Agent
The iProperty Company has today announced a £2.5m investment drive to fund its future expansion following a successful launch six months ago. Chaired by Brian Blake, the former MD and shareholder of Swinton Insurance, the iProperty Company is seeking £500,000 via the crowdfunding site Seedrs.com and £2 million via traditional venture capital. The company has a valuation of £8 million.
Brian Blake, chairman of the iProperty Company and former managing director of Swinton Insurance, said:
“It’s exciting to think that having spent only a modest amount on test marketing we have properties listed in around 20 countries and have more UK listings than any online agent. Most of the new funding will be spent on marketing so the impact we make will be significant.”
Thomas Davies, Chief Investment Officer of Seedrs, commented:
“Seedrs is delighted to be offering this unique opportunity to investors.
“The iProperty Company is still a fairly new enterprise, but the number of listings and high calibre partners it has already attracted, demonstrates that this is a viable business model in an industry undergoing dramatic change.”
John Candia, CEO of the iProperty Company, said:
“2015 will be a year of disruption in the UK estate agents’ market and there is great excitement about this within the investment community. There is growing interest in online property options and it is clear that consumers are increasingly turning away from the traditional way of selling property. Seedrs was an important part of our investment strategy because we want to offer everyone, especially our community of users, the opportunity to invest directly and earn a share in our future profits.”
The iProperty Company is completely free, providing individuals with the opportunity to buy, sell or rent property without incurring commission, fixed fee or otherwise. A ‘Buyer Guarantee’ is offered that means the buyer will always be contacting the owner directly – no agents are permitted on the site. Revenue is generated by offering a range of optional property related services.