Zoopla chief executive Alex Chesterman has made £13.8 million (US$18 million) by selling one third of his shares in the UK property portal, and then invested in a fintech startup.
Chesterman founded the company in 2007 and this week sold 4.25 million stock at a price of 325p. The sale reportedly represented 1 percent of all the group’s issued shares.
Chesterman still holds 8.5 million shares, which is more than 2 percent of the total share capital.
But there’s no reason to expect Chesterman to leave the company, with the news via a statement that he will stay until at least 23 June 2017.
“Last year, the Board announced that it secured the long term commitment of Alex to continue to lead the business and deliver its ongoing strategy,” Zoopla said in a statement.
Chesterman was also reported to have contributed to a £6.3m fundraising for DueCourse, a cloud-based invoice financing service for SMEs.
It’s believed to be one of the largest investment for a fintech company seen outside of London, with the monies split into £1.25m of equity and £5m of debt for lending to UK SMEs.
Other backers include Lovefilm co-founder Simon Franks and Global Founders Capital, an investment vehicle of Rocket Internet.