Facebook-based property search tool secures investment
Creative industries investor Ingenious Ventures leads deal backed by Finance Yorkshire
Property Network, a Leeds-based company that uses Facebook to enable users to search for or share properties for sale or rent, has secured funding from creative industries investor Ingenious Ventures.
Announced alongside the Ingenious Media Opportunities Fund’s £750,000 investment in Digital Theatre, a site offering digital streams or downloads of stage productions, the Property Network deal also comprised investment from Finance Yorkshire’s Seedcorn and Equity funds.
A competitor to Rightmove and Zoopla with 900,000 registered properties on its database, Property Network (previously known as Property Place) has more than 8,000 estate agents sharing property details via its Facebook tool.
The deal will finance a marketing campaign to attract up to a million new users and to boost the number of properties registered on the site by 300,000 within six months.
Founded just two years ago by CEO Sohail Rashid and chaired by ex-finance director at Your Move Dean Fielding, Property Network uses Facebook users’ data to display properties close to their offices, favourite bars, restaurants or gyms.
Using social sharing tools, users are able to make friends, contacts and families aware of available properties for rent or sale.
Property Network’s Rashid commented: “Property Network is shaking up a market that is crying out for change. We are the property network for the social media generation and this funding will enable us to challenge the dominant position of more established players.
“In 2012 we proved that our service has the right mix of user friendly functionality and commercial appeal for agents.”
Patrick Bradley, chief executive of Ingenious Ventures, added: “Both Digital Theatre and Property Network are perfect examples of the companies we look to invest in – early stage businesses, operating in high growth markets with strongly differentiated offerings and highly capable management teams.