The Irish PropTech company Offr has raised €2.1 million in an oversubscribed funding round co-led by the investment arm of Barclays Bank. The latest round brings the total raised by Offr to €6 million.
Robert Hoban, Co-Founder and CEO of Offr said:
“My vision with Offr was to make buying or renting property as easy as booking a flight. Before Offr, all offers in Ireland were made offline by telephone or email or in person at viewings, resulting in a mess of distrust, lack of transparency and communication, and total dissatisfaction with the process. Deals used to take 6 months to close.
Offr's pioneering solution has been embraced so quickly and entirely by the Irish market, that estate agents are now being asked every weekend at viewings where they submit their offers online. Sellers are appointing estate agents who have a powerful online offer solution. We’re excited to expand our offering into the US.”
Founded in 2019 by Robert Hoban, Phillip Farrell and Niall Dawson, the Dublin-based company provides a white-label bidding engine for real estate agents to solicit and process online offers. The company claims that it its platform can automate 90% of communication around offers and maintains an independent register of all offers submitted along with proof of funds, ID and compliance checks.
It claims to have facilitated 50,000 offers through 2,500 transactions worth a combined €20 billion across three different markets with customers including Cushman and Wakefield, CBRE and Sherry FitzGerald.
Aside from Barclays, the round saw participation from existing investors including Delta Partners and Rob Pierre, the founder of Jellyfish and some interesting new investors.
Second Century Ventures is the U.S. National Association of Realtors (NAR) venture capital division. It has invested in domestic PropTech companies such as Zavvie, Knock and DocuSign and is now an investor in Offr.
The Irish startup plans to use the proceeds of its latest fundraising efforts to help expansion with the U.S. market of particular interest.
Below: Offr co-founder and CEO Robert Hoban discusses the reluctance of real estate portals to embrace on-platform offers