Listing Loop, the Australian challenger portal, has closed the first tranche of its Series A funding round.
The company has completed 75% of its raise, securing A$2.1M from lead investors including global fund manager ICM Limited—backers of Gumtree, MoneyMe, Resimac and Humm—and Michelle Catelan from the founding family of RP Data (now CoreLogic). ICM will also be appointed to the Listing Loop board.
The Melbourne-based proptech will seek a further $500,000 AUD to close out the round.
Rhett Dallwitz, co-founder and CEO of Listing Loop, said:
"With a 174% YoY revenue growth, our company is at pivotal stage of acceleration. The raised capital plus the strategic input from our lead investors at a board level will fuel our next phase of growth and help us further build out our end-to-end property transaction solutions.
"The property transaction services sector represents a staggering $363 billion annually. Listing Loop is ready to spearhead this category providing consumers with a streamlined digital ecosystem that revolutionises the property journey from start to finish."
Australia operates an unusual model whereby the property owner pays to market their property, not the agent—a financial burden that can cost homeowners well in excess of A$15,000.
Listing Loop originally operated as a "no sale, no fee" off-market specialist but has since evolved its business model to include an ecosystem of property transaction services.
Since launching in 2019, the startup has already branched out to other offers including Conveyancing Loop, Moving Loop, LoopPay and, more recently, Hello Haus—Australia's top property negotiation and advisory firm, which Listing Loop acquired earlier this year.
The platform is free-to-list and offers vendors the opportunity to test the market by listing anonymously to gauge buyer interest before committing to any marketing expense.
Listing Loop offers a Seller Assist product whereby the portal will aid the vendor in finding a suitable local agent to progress a sale.
The challenger also offers a Do It Yourself option for vendors who want to save money on marketing expenses and agent fees and commissions, with the Listing Loop team guiding the vendor through the process with a suite of helpful tools and services.
Find out more about Listing Loop in Online Marketplaces' interview with CEO Rhett Dallwitz: