London-based hedge fund Toscafund, which has a focus on fast-growth SMEs in sectors that are being disrupted by new challengers, led the investment to build on a portfolio that includes online car insurance firm Esure.Marking easyProperty’s third round, Toscafund put forward 14m and has the opportunity to invest a further 9m in the future, while additional investors some old and some new contributed 2m. This completed beat the 5m target easyProperty had in place, which takes the firm’s total investment to 39.25m and valuation to 100m. CEO Rob Ellice is determined to take on traditional high street estate agents with the company’s online approach. This new, very substantial investment from Toscafund is a real opportunity to keep expanding both in the sales and lettings markets in the UK and in pan-European property services, and a sure indication of how we plan to take the market share from traditional high street agencies,” he said.
The appetite of such a large institutional investor, and with ongoing talks of investment opportunities internationally, is a significant step forward for easyProperty; which is the most widely recognised consumer brand in what is a very fragmented estate agency market.Of course, Ellice was very vocal of his belief that the high street model is dead back in September, at which time easyProperty launched a PR stunt in the guise of a funeral for the traditional business sector. Read more on the property market:
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