Real estate agent reviews platform RateMyAgent has raised $5 million in a funding round lead by stockbroker Dean Smorgon and serial online entrepreneur Gabby Leibovich.
The platform, which ranks individual agents on request using a combination of sales data and customer reviews, says it will use the funding to double its current team of ten people and to advertise to homeowners for the first time.
RateMyAgent's raise represents the largest achievement in the Australian agent ratings space since OpenAgent closed a $6 million round last June.
The company is now valued at $20 million.
According to the Australian Financial Review newspaper (AFR) 30 year banking veteran David Williams, who invested $1 million in the startup 18 months ago, helped draw almost 40 wealthy individuals into the round, including the Smorgon dynasty financier and online bargain site Catch of the Day founder Leibovich.
Williams, who became RateMyAgent chairman also upped his stake in the current round.
The AFR says RateMyAgent has a database of 18,000 agents, about half of all active agents in Australia.
Around 900 individual agents are premium subscribers, paying $39 a month for a fancier profile, a social media management tool and the ability to flow reviews directly to their own website, or $69 a month for a package which also includes listing reports for use in pitches.
Around 400 sales offices pay a bulk subscription, of either $299 a month or $499 for the premium tier.
Co-founder Mark Armstrong, who tells AFR he has spent most of his time since RateMyAgent's 2014 launch focused on the agent side of the platform, says the business recently surpassed a $1 million revenue run rate.
He adds RateMyAgent has plans to expand to the US in August.