easyProperty, the online estate agent, has raised £25 million from its third round of funding from a London-based hedge fund and a consortium of angel investors, valuing the company at more than £100 million.
The investment was secured within three weeks for exchange of just under 15 per cent equity in the business.
Under the terms of the deal, the company will access £16 million immediately, with a further £9 million earmarked for future growth.
The lead investor, Toscafund, a London-based hedge fund, has put forward £14 million in investment, with the additional £2 million being co-led by existing and new investors.
“This new, very substantial investment from Toscafund is a real opportunity to keep expanding both in the sales and lettings markets in the UK and in pan-European property services, and a sure indication of how we plan to take the market share from traditional high street agencies, said CEO of easyProperty, Rob Ellice (left).
Martin Hughes, from Toscafund, said: “easyProperty offers the brand, technology and management to enable a considerable saving to property transaction costs compared to the incumbents. The online process is an impressive disruptive approach to ease a much needed overcharged road block to the population mobility. We look forward, with confidence, to easyProperty leading the online development of property transactions and services in the UK and Europe.”
Meanwhile, rival online player eMoov has bolstered its senior team with the appointment of Tariq Dag Khan as CMO and Ivan Ramirez as CTO, supported by funds raised from its recent crowdfunding campaign.
Commenting on his new role at eMoov, Khan (right), former CMO of Rated People and Borro, said, “Throughout my career I’ve helped to dramatically grow young businesses and build brands that are now recognised on a global scale and, I look forward to doing the same with eMoov.”
Ramirez (left), previously of Groupon, as Chief Technology and Product Officer, commented, “I’ve been involved in eMoov from the very beginning, as part of their first round of seed investors, and have always been extremely passionate about what the eMoov team do, so when the opportunity arose to join, it was a no brainer for me.
“We’re developing next-generation technologies that will improve the end-to-end home buying selling experience, making one of the most important decisions of a person’s life faster, easier and more efficient.”