OnTheMarket secures £3.4M, invests in proptech firm Glanty Ltd

OnTheMarket recently announced the securing of £3.4 million through a placing of shares.

It has placed 4,857,143 new ordinary shares at a price of 70p, representing a discount of 7.9 percent. They have been placed with a combination of existing and new investors. 

The placing is being undertaken under authorities approved at the portal company’s Annual General Meeting back in July and does not require shareholder approval. 

OnTheMarket (OTM) has also made a strategic investment for a 20 percent share in Glanty Ltd the owner and developer of the PropTech lettings platform teclet.

The platform is designed to reduce overheads and maximize efficiencies for lettings agents. Currently its clients include Spicerhaart, Hunters, Belvoir, Chestertons, and others.

The deal for the 20 percent share is a cash purchase of £797,000, spread over 10 months; OTM will have the right to appoint a Director to the Board of Glanty.

On top of that, the firm has also agreed an option to acquire the remaining 80 percent of Glanty.

If that goes ahead it’s likely to cost some £1.5 million plus a revenue deal, with OTM also paying a £1.4 million Glanty debt.

Read more here

Join us February 26-27 for the Property Portal Watch Conference Bangkok 2020.