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Boomin ‘in talks’ to finalise £20 million extra City and industry funding

Sky News says existing investors Channel 4 and Foxtons are part of raise which will see listing agents get free shares in return for loyalty.

Nigel Lewis


Boomin is in the final stages of negotiating a £20m new injection of funding that will see the portal valued at £150m, Sky News has reported.

It cites City investment sources that claim Boomin is to announce details of the day ‘within weeks’.

This new round of fundraising has been led by Oakley Advisory but includes existing shareholders such as Channel 4 Ventures and Foxtons.

It will also see member agents offered equity in the portal in return for membership, an approach that many other portals including OnTheMarket has employed to incentivise firms to list their properties and participate in its various lead-generating widgets including, most recently, SmartVal.

The additional is on top of the £25 million raised by founder Michael Bruce and his team in April last year, which at the time valued it at £100m even though it has only just launched after nearly a year of preparation and drip-drip announcements about high-profile agents signing up including Belvoir, TPFG, Carter Jonas and others.

8,000 agents

Boomin has always been shy about how many agents in total have signed up to the portal, but Sky News reports that it now has ‘8,000 agents’ on board, although this is likely to refer to branches rather than firms.

Nevertheless, this would suggest that Boomin now has around 50% of the industry committed either via free deals or paid plans to use its range of services and listings.
In August last year Bruce said his firm was signing up 100 to 150 agents every week.

March 31, 2022

One comment

  1. As someone who deals with property technology and fintech startups, over a hundred of them in the last twop years alone, by anyone’s standards, Boomin has gone from MVP to ‘scale up’ in spectacular style. And they are not my client, and my analysis is based on data.

    It will be interesting to see where all the portals sit, this time next year, as the digital native property consumer seeks out better solutions for their property needs. Digital UX is all, hence Amazon’s 40% growth in last two years and its $1.7 TRN valuation today.

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