Big boost for proptech group following fresh cash injection
Iamproperty co-founders Ben Ridgway and Jamie Cooke to retain majority share after Lloyds sold its share in the business.
Agent proptech group Iamproperty has signed a nine-figure deal with private equity investment house Perwyn which sees Lloyds Development Capital (LDC) exit the business after four years.
Perwyn’s own investment criteria for any business is between £20 million to £200 million and its focus now will be to create a bespoke plan for Iamproperty and its Co-Founders Ben Ridgway (main picture, right) and Jamie Cooke (main picture, left). Both will continue to retain a majority share.
CONTINUED COLLABORATION
Ridgway says: “2023 has been a year of continued collaboration with our Partner Agents and our team to drive our next phase of innovation and we are incredibly excited for the future.
“Earlier this summer we announced our vision for the Iamproperty ecosystem and renewed our commitment to transform the property market and pioneer next generation agency solutions.
“With Perwyn now at our side, we are entering 2024 with ambitious plans to continue to grow our core services and deliver a multi-year innovation programme to deliver the Iamproperty ecosystem. There is a great synergy between our teams and we are excited to have their support for our next phase of growth.”
And he adds: “We’d like to take this opportunity to thank Lloyds Development Capital for their support over the last four years through what has been a very exciting period of organic growth and acquisition.”
HUGELY IMPRESSED
Gurinder Sunner, Partner at Perwyn, says: “We have been hugely impressed by the Iamproperty team’s transformative approach to auctions.
“Their differentiated strategy for market engagement has enabled them to forge a market-leading business in a growing sector.
“Perwyn is delighted to invest in the company, endorsing its vision for an interconnected ecosystem and we are excited to partner with the team to facilitate the next phase of expansion as the business continues to scale.”
Several parties advised on the deal including Iamproperty Non-Executive Director Jon Cooke and Chairman Mark Goddard.
Iamproperty’s financial results for the year ending 31 October 2022 show the North East headquartered proptech group had its biggest year of growth to date, reporting revenue is up by 45% to £55m.
The company increased gross profit by 48% to £26 million during the period, up from £17 million. EBITDA increased by 31%to £7 million, up from £5.5 million.
