The UK’s first 24/7 online estate agency with £11m investment and plans to turn the traditional property industry on its head...
Founders: Michael and Kenny Bruce
Founded: April 2014
Taking the prestigious number one spot in the Startups 100 2015 index is property start-up Purplebricks.com. A new entry, the early-stage business has raised £11m investment, including a £7m round led by high-profile fund manager Neil Woodford CBE, sold 2,000 properties and reached a million monthly site visits – all within just one year of its launch.
Demonstrating exactly why proptech (property technology) is one of the top business opportunities of 2015, Purplebricks.com combines the service provided by traditional local estate agents with an online platform which is available “around the clock at a fraction of the cost.” An appealing model that has helped the business achieve an impressive 50% quarterly growth rate to date.
Founded by brothers Michael and Kenny Bruce, who both have an extensive background in the property industry, the site enables users to book a property expert to come to their home, put their house on the market “within 45 minutes”, book property viewings instantly, agree offers and more.
With 70% of the company’s activity taking place when local estate agents are closed, it’s clear that the Bruce’s have created a business which capitalises on the growing demand for services that fit around the customer.
Now with 120 employees and growing, Purplebricks has established itself as a serious contender to key industry players – not just “a cheap and cheerful competitor” – and its “many hundred” 5 star reviews and conversion rates evidence this.
Over the next year you can expect to hear a lot more about Purplebricks; from next month the company will be operating nationally and there are several new “innovations” that it plans to introduce that will make the process of selling or renting your home easier.
With rumours already circulating that the young business could be gearing up for IPO – this true industry disrupter with eye-watering turnover predictions for 2015 is a truly deserving number one.