OnTheMarket has revealed that it has invested £350,000 in renting tech platform Canopy in return for a minority holding in the company alongside signing a longer commercial agreement.
In May last year, it inked a 12-month deal that enables member agents to use Canopy’s referencing services for free, but no details of the new agreement have been released.
The investment in Canopy is revealed within its trading results released today for the financial year ending 31st January 2022.
This shows a £7m increase in turnover to £30.8 million and a £200,000 increase in profits to £2.6 million and is just over the £2.5 million in profit that the company promised investors it would achieve last year.
Canopy is just one of several deals OnTheMarket has inked with industry and tech suppliers this year including Brickflow, Autoenhance.ai and Sprift.
Jason Tebb (main pic), CEO of OnTheMarket, says: “We are delighted to have achieved a year of further financial and operational progress.
“But there is much more to come. We’ve received great feedback from our customers regarding our new strategy and our enhanced suite of product and service offerings.
“We look forward to continuing to deliver greater value to both advertisers and consumers during the year ahead.
“With the new website and brand launch in December 2021, and an increasing range of commercial partnerships successfully established, the transformation of
OnTheMarket to create a tech-enabled property business across the broader property ecosystem is accelerating. Our new website, and initiatives such as Only With Us, continue to attract serious property seekers and connect them with our agents.”