One of the UK’s early entrant online  ‘disruptor’ estate agent that claims to be the ‘No.1’ of its kind has turned to Seedrs to raise money, valuing the seven-year-old company at nearly £4 million.

North London-based MyHomeGroup Limited operates three online-only businesses; SellMyHome, RentMyHome and ManageMyHome.co.uk.

The company is asking investors on the crowd funding platform for £750,000 in return for 15.90% of the company.

So far £503,107 has been raised, £400,000 of which has come from Guinness Asset Management EIS, which last year made a ‘multi-million’ pound investment in the MyHomeGroup.

The rest of the money includes £69,000 from three anonymous investors who are likely to be linked to the business, while the rest has come from small-sum investors registered with Seedrs investing tens or hundreds of pounds.

New funding

SellMyHome is the oldest of the three businesses within the MyHomeGroup Ltd portfolio and in January revealed it would be seeking new funding.

The company currently lists 260 properties for sale and 88 homes to let on Rightmove but has ambitious growth plans.

Last year it hired a Chief Technological Officer, Manoj Varsani, who came from The House Crowd, a proptech business focussing on crowdfunded property investments, although he is not listed on the Seedrs site as ‘part of the team’.

In its pitch document the company claims a Cost Per Acquisition of just £92 and its Managing Director Will Clark claims the company exists to ‘set new standards’ within a ‘distrusted industry’. He also claims the group benefits from a high percentage of repeat customers and a large volume of word-of-mouth referrals.

In 2015 Clark was one of the many online estate agency chiefs to predict that the sector would grow to 10% of the overall property market by 2020.