The Jenson Seed EIS Fund has invested into the UK's LocalPropertyIndex.
According to the press release on Angel News:
"LPI is a property advertising portal. Their clients are estate agents who need to advertise properties. The portal is fully operational with over 1 million properties.
Recent consolidation within the property portal industry has created a duopoly in the UK market and the opportunity for a new property portal. After years of over-supply in the portal industry there are now only two major portal businesses, Rightmove & Zoopla.
LPI plan to quickly capitalise on this opportunity and become the third major alternative offering estate agencies effective advertising with disruptive pricing. Both Rightmove and Zoopla charge estate agencies a fixed fee to advertise – ranging from £549 per month beyond £1,000 per month. This duopoly has created an opportunity for Rightmove and Zoopla and a problem for estate agencies. Rightmove has increased its pricing by 20% annually for the last 3 years. Zoopla increased pricing by 50%. Rather than ask their clients to pay a fixed monthly advertising fee LPI allow agents to advertise free of charge, and the clients only pay when a prospective buyer/renter uses the portal and makes an enquiry.
The LPI management team has over eight years experience running property portals. Gary Smith (CEO) has 30 years experience in the online media & technology sector including listing his previous business (Netstore plc) on the London Stock Exchange. Dr. Russell Collingham (CTO) is a world-renowned expert in Artificial Intelligence and heads up software development."