On Tuesday, UK-based equity crowdfunding platform, Crowdcube, announced exciting news about one of its alums, easyProperty.
easyProperty was founded by Robert Ellice, with the support of Stelios Haji Ionnou, the billionaire founder of easyJet. The startup will post user’s potential rental property for free on its free website. Once a new tenant is discovered the landlord pays a one time fee of £49.99. Listing agents may upgrade the service, for an additional fee, to syndicate the tenant search to other platforms such as Zoopla and RightMove.
easyProperty also provides a select offering of services for site users. These a la carte services each come with an additional fee. The UK estate agency industry is estimated at £6 billion today and easyProperty wants to enter and disrupt the established method of managing things.
Crowdcube shared in its blog:
“easyProperty, which raised finance on Crowdcube last year, has just secured £25m of funding from a London-based hedge fund and consortium of angel investors. The company, which was originally seeking to raise £5m, sealed the deal in just three weeks. It will have immediate access to £16m, with a further £9m earmarked for future growth. This deal brings the total amount invested, through a mixture of venture capital, private investment and crowdfunding, to £39.25m, and values the company at £100m.”
Ellice stated that the company is looking at making a couple of acquisitions and his team are going to spend money on marketing. They are also going to keep improving their technology. He commented that he and his crew are in a much stronger position now stating that the company expects to be listing 4,000 to 5,000 properties each month by next year.
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