Extra funding for agent-partnering online auction platform

The online auction platform BidX1 has announced a strategic investment which will be used to accelerate its growth.

The investment comes from funds managed by private equity house Pollen Street Capital, although the specific details have not been disclosed.

BidX1, which launched in Ireland, allows users to buy or sell property online from anywhere in the world. To date, it has raised over €1.4 billion in property sales since 2011.

During this time BidX1 has sold over 8,000 assets and over the last 18 months bidders from 24 countries have used the platform, raising over €500 million.

Earlier this year, the platform announced the acquisition of London-based property auctioneer Andrews & Robertson, marking its entry into the UK market.

"We have a clear organic growth strategy for the business and we will also consider joint ventures and the right acquisitions to accelerate our plans," says Stephen McCarthy, BidX1's founder and managing director.

"We are a complementary platform for more traditional property agents and auction businesses who want to expand their market reach via a leading-edge digital platform for their clients and customers."

He says the platform is keen to expand further in the UK as well as in Southern Europe and South Africa.

James Scott, partner at Pollen Street Capital, adds: "Digital auctions are set to transform how institutional and retail property is bought and sold not just in the United Kingdom but around the world."

"The transformation will be profound as vendors increasingly understand the efficiency of the process, and buyers embrace the transparency that is inherent as well."

"We believe that BidX1 is well positioned to be a successful leader in this market transformation."