Estate agency software brand Street Group is aiming to grow its offering for agents after raising minority investment.

The backing has come from Hg, a major investor in European and transatlantic software and services businesses.

While terms of the deal weren’t disclosed, Street said it values the company at more than £200million.

This investment means we can put more into our products, our technology and our people.”

Brother and sister Tom and Heather Staff remain majority controlling shareholders and will continue to lead the business.

Hg’s investment will help fund product innovation and deepen Street’s artificial intelligence capabilities, a statement said.

GOING FOR GROWTH

Heather Staff (pictured), Co-Chief Executive of Street Group, says:  “Hg understands what we’re trying to build. Since founding Street Group, we’ve been set on giving estate and letting agents better tools to grow their business and serve their clients better, and Hg backs companies with that kind of long-term ambition.

“Their investment means we can put more into our products, our technology and our people, while keeping the customer obsession that’s defined Street from day one.”

Louis Kinsella, Partner at Hg, says: “Street is exactly the kind of business we love to back. It’s a category leader with a technical edge, loved by its customers, and is deeply embedded in their daily workflows.

“Heather and Tom are an exceptional founding team who have built something rare, combining genuine product innovation with accelerating growth, as the industry moves towards them and away from legacy solutions. We are excited to support the next phase of their journey.”

AI capabilities

Conor Stewart, Principal at Hg, adds: “Tom and Heather have built a fantastic business. The depth and ambition of its AI capabilities and its culture of innovation were clear to see as we got to know the business, and we were deeply impressed by the strength of Street’s technology and product leadership.

“We see a significant opportunity to build on that foundation, leveraging Hg’s capabilities to help Street accelerate its product development to bring even more value to customers”