Young Gun-founded proptech start-up YOPA raises £27.6m
Launched in January 2016, the London-based start-up has already raised over £58m - with LSL Property Services and DMGT among the investors
YOPA, the hybrid estate agent that offers users a 24 hour online service plus face-to-face access to local property agents, has raised £27.6m in its latest funding round.
Bagging £20m from LSL Property Services plc (LSL) and £7.6m from Daily Mail and General Trust plc (DMGT) respectively, the proptech start-up has now raised over £58m since launch in January 2016 – and was named as one of Startups' top new businesses of 2016.
As part of the deals, LSL, a leading provider of residential property services including estate agency services, has acquired a minority stake in Yopa – while existing shareholder DMGT has further increased its equity stake.
The investment follows a £15m raise in June this year, when Grosvenor Hill Ventures, the investment arm of Savills plc, backed the London-based business.
Founded by Young Guns Daniel Attia, Andrew Barclay, David Jacobs and Alistair Barclay, YOPA allows users to post post their properties on its site before advertising them across the “UK’s most popular” property websites such as Rightmove, Zoopla and PrimeLocation.com with each customer also assigned a local estate agent.
YOPA users are charged a fixed fee of just £780, rather than taking a percentage of the sale, with buyers, sellers and agents encouraged to communicate around the clock via use of the site.
The proptech claims its novel approach helps customers find a buyer in under 30 days, saving over £3,000 in fees, and secures customers over 98% of their asking price.
This latest injection of funds will help YOPA accelerate growth – with the start-up continuing to operate independently under its existing brand and management team.
“We are delighted to welcome LSL as an investor into the business. LSL has been evaluating a range of opportunities in the online and hybrid estate agency space, and their investment is a fantastic testament to the strength and potential of the Yopa business as well as the first-class team we have driving the business forward.
“The Yopa and LSL strategic partnership and investment will help further accelerate Yopa’s growth and cement our position as a leading player in this space.”
Ian Crabb, group chief executive of LSL, said:
“We have been impressed by the Yopa management team, their business model and the technological capability which they have built. We are committed to working closely with the Yopa team through our strategic partnership to enhance their consumer offering and to leverage LSL’s know-how and services across the residential property value-chain.
“LSL aims to derive value from the strategic partnership through the potential to provide services to Yopa and to selectively leverage their know-how into the LSL Estate Agency business. This investment provides LSL with a meaningful presence in the expanding online and hybrid markets and represents an attractive strategic shareholding for the LSL Group.”