One of the early backers of Purplebricks, DN Capital, is in talks with Michael Bruce to back his new venture, Boomin, along with several estate agency chains and other investors.
DN Capital first put money into Purplebricks in March 2014 but later exited from the hybrid agency after realising significant returns on its original investment.
According to Sky News, the London-based venture capital firm is one of several in talks with Boomin as it bids to raise up to £25 million from prospective investors to bankroll its high-profile bid to rival Zoopla and Rightmove.
Bruce, whose new venture is based in Birmingham and is reported to have over 100 employees getting the platform ready for launch next year, told Sky News, “We are in talks with a multitude of investors, including some estate agents and strategic sector investors, on a first and significant equity raise to augment the substantial funds which are continuing to be provided by the founders of Boomin.”
Boomin has also signed up another large London estate agency, 19-branch Douglas & Gordon (D&G). Its CEO James Evans recently told that The Negotiator that estate agents are way behind on tech to their customers’ detriment and now need to catch up as a younger generation of buyers, sellers, landlords and tenants become customers.
“At D&G it has always been paramount that we give our clients maximum exposure to the housing market so that we can secure them the very best results,” says Evans (pictured).
“So we are really excited to be working with Boomin, an innovative and forward thinking new property portal.
“We have no doubt that they will be hugely successful, and D&G and our clients are looking forward to sharing in this success.”