OpenAgent, the three-year-old online real estate platform that’s kind of like iSelect for choosing an agent, has just banked $12 million in funding, thanks to Westpac’s venture capital business Reinventure, with Breakthrough Labs and Singapore-based Qualgro also tipping in.
It’s the first bet Simon Cant’s ReInventure has picked in its second fund and only the second Australian investment from Qualgro.
This latest raise brings OpenAgent’s total capital to $20 million. A year ago it raised $6 million from Hollard Investments, having started out with $2 million in seed funding from angel investors including Pete Flint, founder of US real estate giant Trulia.
The way OpenAgent works is it lets you shop around and compare real estate agents to help find one that works for you when selling your house. A couple of McKinsey & Co. analysts, Zoe Pointon and Marta Higuera, launched the business in 2013 and say it’s doubled in size annually.
In the past past year, they claim it’s helped 10,000 people shortlist and meet agents.
With around 500,000 dwellings sold in Australia annually, there’s plenty of market share left to capture.
Pointon, who’s joint-CEO with Higuera, says 90% of users say they come back to OpenAgent the next time they’re selling a property, claiming the platform saves vendors on average 10-plus hours in the process.
“We don’t see our job as just comparing agents, we are here to make it easier to sell your property,” she said.
The latest cash injection will be used to deliver new services with a focus on more transparency, control and better customer service when selling their property.