Easyproperty has raised £800,000 from a crowdfunding campaign to help the hybrid estate agency expand including £400,000 from the government’s Future Fund and £300,000 from
Easyjet founder Stelios Haji-Ioannou, who has said he backs it because the company ‘offers low-cost professionalism’.
The agency, which was bought off the Guild’s parent company in July 2019 by David Brierley (pictured above) of property services firm Evolve, has raised the remainder of the cash from small investors since launching the crowdfunding bid in January.
Investing between £50 and £5,000 each, they helped the company reach its fundraising target which the agency says will keep give it a ’12 month runway’.
Runway in investment circles means how long a company can survive if its income and expenses stay constant.
Brierley told national media over the weekend that he expects to increase the number of territories operated by the company by the end of this year to 120. It current operates 50.
Half of the money raised comes from the government’s Future Fund, which supports tech companies like Easyproperty in return for equity. The agency has also received a £50,000 bounce back loan, its crowdfunding pitch document reveals.
Funds from the Seedrs raise will be used to build a tech platform on which buyers, sellers, conveyancers, mortgage lenders, surveyors and valuers will interact in one place to upload and sign documents, pay fees and deposits and monitor the progress of each transaction.
The agency says this will help speed up transaction, reduce costs for vendors, generate fees from third-party suppliers and help attract more territory owners.