Online estate agency Strike has raised £11 million via its latest funding round from both new and existing investors as it tools up to become the ‘largest agent in the UK by market share’.
The new investors are Channel 4 Ventures, which has also an interest in consumer comparison website GetAgent, as well as Direct Line founder Sir Peter Wood.
Existing investors Freston Ventures and Toscafund have also participated in the latest cash raise. Toscafund also has interests in The Guild of Property Professionals’ parent company Eprop, and was an early investor in Purplebricks.
The new cash for Strike, which recently expanded its ‘zero cost house selling’ model into the Midlands, will be used to fund its push to become a national estate agency.
Strike says it has seen a ‘dramatic jump’ in its market share within the North of England during Covid, and says it will soon be the largest estate agency in the UK.
The involvement of Channel 4 will see the TV channel give the agency ads in return for equity. GetAgent has a similar deal with the broadcaster.
“We set out to shake up the estate agency industry when we first launched our sell for free service in 2019, and now we’re focused on expanding our digital-first offering through strategic investment and innovation,” says Strike’s CEO Sam Mitchell.
“It has been a turbulent year for the housing market, but we’ve managed to succeed against the odds.”
Vinay Solanki, Head of Channel 4 Ventures (pictured) says: “Strike’s disruptive ambition to redefine the way people move homes resonates with our own challenger brand values and sits well within Channel 4 Venture’s growing investment portfolio, which we’re focused on scaling as part of our Future4 strategy to diversify new revenue streams.”