An online agency, HouseSimple is rumored to have secured £20m intended to be used for growth capital and to help it “challenge” the UK's leading online estate agency, Purplebricks.
The additional funding is led by existing investors Toscafund Asset Management and Freston Ventures, the private investment vehicle of Carphone Warehouse founder Sir Charles Dunstone, as well as a number of high net-worth individuals.
The news comes as Rightmove’s lettings chief, Sam Mitchell, has been announced as HouseSimple's new CEO, due to take on the reigns in 2018.
According to Property Week HouseSimple has placed great focus on technology in the past year, increasing its tech team by 30 new members.
The magazine quotes Alex Gosling, the co-founder, and outgoing CEO of the agency, as saying: “This latest funding is not just about capital and marketing investment, it is also sending a clear message of intent from our investors.
“As we move into new, larger offices in Colchester, it will help us continue rapid expansion and make 2018 our best year ever. We are focusing on our performance-driven, cost-effective and scalable online model. Whatever we do, our priority will always be on delivering the best results for our customers.”