Zoopla secures £3.25m investment for TV ad campaign
Property company hopes to accelerate business growth
Property search and information website Zoopla has raised funding of £3.25m for a new TV advertising campaign, it has been announced.
Launched in 2007 by Alex Chesterman, Zoopla is a search engine website for buying, selling and renting properties in the UK, which attracts around five million visitors each month. Chesterman said: “Despite the current market uncertainty, we are totally committed to supporting the industry and building Zoopla into the leading online property destination in the UK. “As a result of our innovative features and exclusive partnerships, we provide unique and unrivalled exposure for our agent and developer members, and will continue to invest whatever it takes to ensure that Zoopla is their most effective online marketing partner.” The property portal has received investment consisting of £1.75m of new equity finance from existing shareholders, led by capital firms Atlas Venture and Octopus, together with a £1.5m debt facility from Silicon Valley Bank. According to Zoopla, this latest round of funding will be used to invest further in marketing in a bid to reach a wider audience. The company launched its first national TV advertising campaign earlier this year and plans to return with a further campaign across ITV, Channel 4, Channel 5, and the Sky digital channels in January, which it hopes will help drive business growth. Phil Cox, head of UK, Europe and Israel for Silicon Valley Bank said: “Zoopla is a leading website within the property industry and has experienced tremendous growth over the past couple of years. We’re delighted to support Zoopla as it enters this next significant phase of development.” © Crimson Business Ltd. 2010