Property technology company OneDome, which operates two portals - OneDome and Nethouseprices - has raised another £5m in funding.
It says it wants to use the latest cash injection to become an Amazon-style service offering consumers “an end to end homebuying experience” that will rival Rightmove.
The capital will also be used to launch OneDome’s new e-Homebuying platform later this year and substantially increase the marketing efforts of the platform to provide agents with a viable alternative to pay to list portals.
The company’s backers include Lord Jacob Rothschild and family and and OneDome chairman Sir Nigel Knowles.
OneDome claims it gives buyers and sellers the ability to complete one end-to-end process online through a single customer-centric platform which connects agents, brokers and conveyancers. It says its two portals current carry 48 per cent of the estate agency market - over 15 per cent of the estate agency market has joined OneDome in the last four months, with a 665 per cent increase in customer engagement over the same period.
As a result, more than 170,000 property enquiries are now being generated by OneDome per month.
In a statement, OneDome says it allows agents to promote their clients’ properties on the platform for free and also to generate revenue from various home moving services. It claims this is "in contrast with Rightmove which has been increasing listing fees, with some agents today spending 15 to 20 per cent of their entire operating expenses on property portal advertising alone."
Founder Babek Ismayil says: “The home buying process has had little impact from technology and innovation, which has transformed our experiences in other areas of our life from shopping to food ordering.
“While home buying is naturally a more complex process, it can still be dramatically improved and optimised. Our e-Homebuying platform will make homebuying a simpler and more streamlined process for all parties involved, saving money and time.”