‘Hybrid’ estate agency YOPA wins over Savills with £16m investment
Early-stage UK start-up wants to use backing of major property firm to "supercharge its growing market share"...
YOPA, a six month-old property technology (proptech) start-up, has closed £16m in a round of funding led by Grosvenor Hill Ventures – the investment arm of Savills plc.
Launched in January, London-based YOPA claims to offer a ‘hybrid’ estate agency service which enables users to post their properties on its platform for a fixed fee of £780. It says its site makes “selling homes affordable, simple and clear.”
It also claims to break down “traditional barriers” by enabling buyers, sellers and agents to interact with each other “directly around the clock”.
It intends to use the investment to take a stake of the online estate agency market with statistics having shown that 5% of all UK homes are now sold through an online estate agency every year.
Daniel Attia, co-founder and CEO of YOPA, said of the news:
“We are immensely proud to have received investment from such a well established company. Savills is the UK’s leading brand in property services with substantial global operations and is known for its entrepreneurial spirit and commitment to innovation.
“Their support, and that of our other investors, puts us in a great position to supercharge our growing market share.”
On its investment, Savills Group CEO, Jeremy Helsby, continued:
“We have followed the rapid advance of the online ‘hybrid’ estate agency model over the last year. This investment broadens the group’s access to the UK residential sector by enabling us to take an interest in the high volume segment of the market, comprising over one million transactions annually, to which Savills has had little exposure to date.”