Home » News » Barclays backs £2.7m UK and Oz launch of property transaction platform
Proptech

Barclays backs £2.7m UK and Oz launch of property transaction platform

Proptech company Offr gains new backing as it breaks out of Ireland and into two new key markets, but hopes to eventually become an international platform.

Nigel Lewis

offr proptech

An Irish proptech platform that hopes to revolutionise how homes are bought, sold and rented has secured a further £2.7 million in funding from an investment round lead by Barclays.

As we reported in January when the service first revealed its intentions to move outside of Ireland, Offr enables agents, vendors and those making offers on a property to communicate via a common platform, helping reduce fall-throughs by 50%.

Offr began its life within the Barclays Accelerator programme and was initially funded with £900,000 from Irish proptech company Offr gains new backing as it breaks out of Ireland and into two new key markets but hopes to eventually become an international platform.on behalf of Bank of Ireland, AIB, Enterprise Ireland, The European Investment Fund and Frontline Ventures.

These backers, along with Barclays, have now invested new funds, taking the total raised for Offr to £3.6 million, and the service has now officially launched in the UK and Australia.

The main attraction for these investors is that Offr makes it much easier to complete cross-border sales, and the company says its platform achieved a first fully remote, end-to-end, digital property transaction just before the Covid lockdown. The property was sold entirely online for 61% over the asking price.

Proptech platform

Up until now, property transactions have largely been restricted and confined domestically, with no easy, fast, and secure way of buying properties cross-border available.
Offr is changing this by making international trading of property possible for buyers online, using traditional real estate agents.

“COVID has changed the landscape completely, it closed off real-estate; we’re bringing it online,” says Robert Hoban, its CEO (pictured, above, centre, with CTO Niall Dawson, (left) and CCO Philip Farrell).

“I expected we’d be where we are today in five years’ time. We built Offr with a clear and simple goal, to change the way property is bought and sold; to make it faster, more transparent and more enjoyable for real estate agents, buyers and everyone else involved in the process.”

August 21, 2020

What's your opinion?

Please note: This is a site for professional discussion. Comments will carry your full name and company.

This site uses Akismet to reduce spam. Learn how your comment data is processed.