Homesearch has won £5m new investment from venture capital firm Octopus Ventures - an organisation that has also backed three businesses associated with former Zoopla owner Alex Chesterman.
Homesearch’s property data platform boasts over 1,000 independent agent customers as well as some corporates including Knight Frank and Connells-owned Hamptons, plus London chain Kinleigh Folkard and Hayward.
Octopus has pumped money into a string of businesses, including online film distributor LoveFilm, Zoopla itself, and more recently the used car platform Cazoo - all founded or closely connected with Chesterman.
Homesearch chief executive Giles Ellwood says of the new funding: “We believe that information should sit at the very heart of an agent's prospecting, marketing, and customer service and it was this vision that Octopus shared with us immediately.
“Our unique way of interpreting and processing data into usable information with straightforward tools allows estate agents to support their clients with finding their dream homes in record time. And that results in more instructions and many more satisfied clients. This major investment is a key stage in our exciting journey towards transforming the way estate agents do business.”
The London-based firm says the cash will be used to “enrich the data available to agents and rapidly expand its product base to better embed property data into the housing market customer journey, to enhance the volume and quality of seller and landlord leads delivered to its estate agent subscribers.”
It claims that agents currently using Homesearch see an average 1,100 per cent return on investment and says the latest injection of £5m will help the company further increase that return to 1,500 per cent by the end of this year.
Ellwood adds: “The future is so bright for the property industry. The need to move home will never go away and we’re looking forward to making it a more proactive, joined-up process for both agents and their clients.”