Purplebricks rival mounts market challenge after £20m investment deal

An online estate agency has secured a £20m growth deal to help it challenge the ascendancy of market leader – Solihull-based Purplebricks.

HouseSimple.com, the UK’s second largest online estate agency, has secured backing from existing investors Toscafund Asset Management and Freston Ventures, the private investment vehicle of Carphone Warehouse founder Sir Charles Dunstone and his business partner Roger Taylor.

A number of high net worth individuals have also participated.

The funding will support capital and marketing investment.

Alex Gosling, co-founder and CEO of HouseSimple.com, said: “This latest funding is not just about capital and marketing investment, it is also sending a clear message of intent from our investors.

“As we move into new, larger offices in Colchester, it will help us continue rapid expansion and make 2018 our best year ever. We are focusing on our performance-driven, cost-effective and scalable online model.”

This year, HouseSimple has listed more properties than any other online estate agent, except Purplebricks.

It said it remained committed to the use of its technology to enhance the home seller experience.

HouseSimple has invested heavily in technology over the past year, building a 30-strong technology team of data analysts, developers, UX and design specialists, to work on streamlining and improving the customer experience.

The business differentiates itself from other online models by focusing on performance through a self-learning technology platform that promotes the best performing local agent in its network.

The latest investment will enable HouseSimple to continue to invest in developing this platform.