Property technology business OneDome has raised £5m in a Series A funding round, bringing its total funding to £13m.
The business has been backed by investors including Lord Jacob Rothschild and family, Joshua Alliance (son of Lord David Alliance), Reuben Brothers Capital, Winslow Capital founder Clark Winslow, DLA Piper former global co-CEO and OneDome chairman Sir Nigel Knowles, and a number of others.
Through the OneDome platform, buyers and sellers are directly connected to agents, brokers and conveyancers making the whole experience less convoluted and complicated.
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OneDome also allows agents the ability to promote their clients’ properties on the platform for free.
The current funding round will help develop and optimise the OneDome platform across several areas, including further product development to enable faster transactions, with the goal of fulfilling customers’ transactions within four weeks.
The capital will also be used to expand marketing outreach, increase the number of properties listed for sale and rent on the platform and to invest in a team of personal moving assistants to help each customer through the process.
Currently, 48% of the estate agency market provides listings to OneDome’s websites onedome.com and nethouseprices.com, generating over 2.5 million sessions per month.
As a direct result of the COVID-19 pandemic, over 15% of the estate agency market has joined OneDome in the last four months, with a 665% increase in customer engagement over the same period.
More than 170,000 property enquiries are now being generated by OneDome per month.
Babek Ismayil, founder of OneDome, said: “We are delighted to have closed our Series A funding round with support from such prominent names in the investment world.
“The home buying process has had little impact from technology and innovation, which has transformed our experiences in other areas of our life from shopping to food ordering.
“While home buying is naturally a more complex process, it can still be dramatically improved and optimised.
“Our e-Homebuying platform will make homebuying a simpler and more streamlined process for all parties involved, saving money and time.”