Proptech provider gets huge cash injection
A leading property platform has said that it will continue its work around connecting buyers with agents, following a successful capital raise.
IT marketplace BuyersBuyers said the completion of a $2.5 million in series A funding will help enable it to continue to provide services for buyers at a low cost.
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The proptech offers its customers a marketplace for buyer’s agent services, including finding properties and bidding and negotiating on behalf of buyers.
Through the use of marketing, IT capabilities and leveraging artificial intelligence (AI) and machine learning (ML), proptech companies can materially reduce costs and, in doing so, be able to offer top buyer’s agent services at materially lower prices.
It involves combining buyer’s agent services into one platform, which the company states helps it lower its costs.
Co-founder and CEO Doron Peleg said, “We believe that good advice should be a right and not a privilege. This initial funding round will help us to execute on our vision for every Aussie home buyer to get a fair go in the property market through providing affordable home buying assistance for all.”
Mr Peleg said the cash injection will help the tech-enabled national online platform to connect home buyers and property investors to top buyer’s agents, to offer expert home buying assistance from affordable price points.
“In particular, we’re now focusing on large-scale marketing and further improvements to our IT capabilities,” Mr Peleg said.
As part of the announcement, BuyersBuyers highlighted key personal changes that it says will continue to support its clients.
Crevan Murphy of tech firm SafetyCulture will assist with advisory on technology and product development, while the investment round was led by George Barnett of Atlassian.
Peter Meek, formerly managing director of Chobani, also holds a board advisory role.
Mr Peleg said, “We will shortly announce our new chief marketing officer hired from one of the major lenders. Having highly experienced executives and advisors of this calibre and experience will be a huge benefit for us, as we accelerate our marketing campaign.”
Co-founder Pete Wargent said, “We are excited to be working with Lydian Finance as a strategic affiliate partner on the mortgage lending and advice side of the business.”
“We’re also working on building partnerships with other major players in the real estate space,” Mr Wargent concluded.