The way property is bought and sold in Australia hasn’t changed very much over the years and it’s an industry which many tech startups are looking at disrupting.
Australian real estate agent comparison site OpenAgent has just raised $6 million from Hollard Investments to help owners find the right professional to sell their property.
Co-founder and co-CEO Zoe Pointon said a good chunk of the funding will be spent on marketing.
“The funding will allow us to continue to grow the business and connect more Australians with the best real estate agents to help them through the selling process,” she said.
The site draws on data from more than two million property sales and combines it with customer reviews to recommend the best agents in a particular location.
“We believe failure to compare agents is a significant contributor to poor outcomes for both sellers and buyers in real estate. There are still too many Australians who don’t get the right agent to sell their property, and we want to fix that,” Pointon said.
The latest round takes OpenAgent’s total funding to $8 million after it raised $2 million in seed funding from angel investors including Pete Flint, the founder of US real estate giant Trulia, which was recently acquired by Zillow for $US3.5 billion.
Hollard Investments’ founder Richard Enthoven will also join the startup’s board.
“I’ve worked closely with Zoe and Marta over the last 18 months and have watched them achieve each ambitious goal they have set for themselves and the business,” Enthoven said.
“This investment in OpenAgent will allow them to provide this service to more consumers. I think we are only scratching the surface of what is possible in the Australian property industry and I’m excited to get involved at this stage of the company’s growth,” he said.