BREAKING: Yopa reveals ‘significant new investment’ from existing backers
Hybrid estate agency Yopa has already raised some £91 million from investors since it was launched in 2015 by relatives of the Barclays Brothers.
Estate agency Yopa’s MD Freddie Cornes (pictured) has revealed that the firm has secured ‘significant extra investment’ from its backers.
The new cash will go towards additional marketing activity, increasing headcount and support in multiple areas of the business, and expanding Yopa’s reach in the UK, to ‘further increase market share and revenues’.
The undisclosed sums arrive as the company reveals that its losses have reduced from £18 million in 2019 to £6 million last year despite the costs of launching its own mortgages broker, Scout Financial Services, and major investments in its operations and infrastructure.
Its existing backers are Grosvenor Hill Ventures – the investment arm of Savills – and DMG Ventures, the investment arm of Daily Mail General Trust.
These and other backers have so far invested an estimated £91 million in the estate agency so far.
But Yopa has also revealed upbeat trading results including revenues up by 73% last year and a 28% jump in listings.
The company also introduced new products and revenue streams to ensure its offering met changing customer needs throughout the year.
Cold start
Scout Financial Services was launched from a cold start in October 2019 and has submitted over 2,000 mortgages worth over £230mn in lending. The company is actively recruiting to meet surging demand.
On Friday night Yopa was awarded Hybrid Agency of the Year at the Negotiator Awards at Grosvenor House Hotel on Park Lane, Mayfair.
Cornes adds: “We’re very excited for our future growth plans and to have received further investment from our long-standing investors, demonstrating their ongoing support of our plans for continued growth in 2022 and beyond.
“By focusing on improving marketing efficiency and messaging, our marketing acquisition cost has reduced by 80%.
“This has allowed us to invest more in marketing activity and central sales teams, which has contributed to record franchisee earnings in 2020 and 2021.
“With record sales performance and market share in 2021, profit and cash flow exceeding expectations, and our exciting win at last week’s Negotiator Awards, we are confident in the future prospects of the business.”
