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Rightmove challenger raises £5.4 million from high-profile investors

Four-year-old platform OneDome has raised the cash from existing and new investors including Lord Rothschild and property magnates, the Rueben Brothers.

Nigel Lewis

rightmove

Rightmove challenger OneDome has raised a further £5 million in funding as it jostles with several key competitors to become the next big property portal.

The tech platform, which claims to be first to offer property buyers a combined property search, mortgage application and conveyancing service in one place, has now raised a total of £13 million in funding since it started up four years ago.

Out of all the challenger portals, OneDome arguably has the most high profile backers including Lord Rothschild, the Rueben Brothers, City giant Clark Winslow, Sir Nigel Knowles and the Alliance clothing family.

OneDome differentiates itself from Rightmove and Zoopla by focusing on the whole home-buying process by connecting all the steps in the process into a single customer experience.

It also enables estate agents to advertise on its platform for free, and like many challenger portals has been making hay from the ‘Say No To Rightmove’ campaign.

The new cash will be spent on an e-Homebuyer system to enable purchasers and vendors transact in just four weeks as well as increased marketing to gain industry market share – which currently stands at 48% –  and consumer awareness.

Link to Proptech feature“We are delighted to have closed our series A funding round with support from such prominent names in the investment world,” says Babek Ismayil (left),  CEO of OneDome.

“The home buying process has had little impact from technology and innovation, which has transformed our experiences in other areas of our life from shopping to food ordering. While home buying is naturally a more complex process, it can still be dramatically improved and optimised.”

Visit OneDome.

September 28, 2020

2 comments

  1. OneDome now hitting its fifth year, and looking at its profit and loss as shown on its annual accounts (2018-2019) it would seem that in the past two years that is close to a £10M minus figure. I see headline figures of new cash all the time pouring into some Tech companies, but should not profitability be the model, rather than using fresh cash to keep things moving. My question would be, without a £5M raise – how many months could it have traded on? I might be old fashioned but generating profit, rather than burning cash should be the number one priority for any business.

  2. OneDome now hitting its fifth year, and looking at its profit and loss as shown on its annual accounts (2018-2019) it would seem that in the past two years that is close to a £10M minus figure. I see headline figures of new cash all the time pouring into some Tech companies, but should not profitability be the model, rather than using fresh cash to keep things moving. My question would be, without a £5M raise – how many months could it have traded on? I might be old fashioned but generating profit, rather than burning cash should be the number one priority for any business.

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