Alternative property marketing platform TheHouseShop has launched a public crowdfunding campaign to raise £500,000 and has already reached half of its target.
The company, which describes itself as an ‘Amazon-style’ property sales and lettings service, claims to have listed three million properties since it started up two years ago and now values itself at £10 million, based on selling 4.76% of its equity. Last year it turned over £180,000 but made a loss of £700,000.
The business was started up with £1.75 million in seed funding by former Citigroup global head Sebastien Goldenberg (pictured, above) and Nick Marr, who founded online estate agent The Little House Company.
It raised £254,000 last week from institutional investors on Crowdcube.com and is now seeking funds from private investors in order to expand further into lettings.
TheHouseShop enables both estate agents and FSBO advertisers to share the same advertising platform, offering free listings and then hoping to upsell some 30 different services, including insurance, once they’re signed up.
“Modern consumers want to see all their options in one place, but until now, none of the main players in the property market have delivered a platform that meets this demand. TheHouseShop is here to change that,” says Nick Marr (left).
“We believe that traditional estate agents still have a crucial role to play in the market and we want to help agents grow their businesses and reach an alternative audience by working with us. Unlike many of our competitors, we are all about inclusivity and we don’t exclude any section of the market.”