Savills has injected another tranche of cash into hybrid estate agency Yopa alongside several other investors, taking the total invested in the firm to £75 million.
News emerged over the Bank Holiday weekend that Savills was one of four shareholders to raise a further £20 million for the company on top of previous cash calls.
This latest round includes Savills’ subsidiary Grosvenor House and the Daily Mail’s parent company DMGT.
“We’ve closely followed the dynamics of the property market and believe that technology-driven consumer demand will move estate agency transactions from the high street to online hybrids such as Yopa,” says Manuel Lopo De Carvalho, CEO of dmg ventures.
Yopa says the new cash will be used to recruit more local representatives, upgrade its tech and fund a new customer services operation in Watford.
The total raised so far includes £16 million in 2016 just a few months after it launched, while last May it raised £15 million in a similar cash-call on investors plus a further £27.6 million in September.
This means the business has now completed all the traditional funding rounds that start-ups usually attain, and it’s likely that investors will be expecting Yopa to start grabbing considerable market share and – possibly – even making money within the next 12 months.
Like Emoov, YOPA offers a two-tier charging structure including a £839 fixed-fee fee payable either upfront or 10 months after marketing starts, or a £1,495 no-sale, no-fee option.
In March Savills claimed that Yopa had grown during the previous 12 months to become the 10th largest estate agent in the UK by size (of new listings) compared to other UK estate agency brands.
Most industry experts agree that Yopa and Emoov are locked in a battle to become the No.2 hybrid agency in the UK behind Purplebricks.
“This latest funding round from existing backers, who themselves have a deep understanding of our market, is clear recognition of Yopa’s potential to disrupt the traditional home sales industry,” says Ben Poynter, CEO of Yopa (left).
“Since last year, Yopa has continued to rapidly grow its market share firmly cementing its position to become the UK’s eighth largest estate agency brand.