Octopus Ventures, a specialist investor in early-stage and expanding companies, has invested GBP2m in Zoopla.co.uk, an online property information service and community website.
Octopus Ventures, a specialist investor in early-stage and expanding companies, has invested GBP2m in Zoopla.co.uk, an online property information service and community website.
The investment by Octopus forms part of a larger GBP3.75m Series B funding round which Octopus led with current investors.
The funds will be used to develop Zoopla.co.uk further through the enhancement of its technology platform and expansion of its sales and marketing functions.
Zoopla.co.uk was launched in January 2008 by its founder and chief executive Alex Chesterman (photo). Prior to founding Zoopla.co.uk, he co-founded ScreenSelect.co.uk which is now LoveFilm.com, Europe’s largest online DVD rental business.
In its first 12 months, Zoopla.co.uk has achieved record website traffic with over five million visits and 40 million page views.
Alex Macpherson, chief executive of Octopus Ventures, says: ‘Zoopla.co.uk has the potential to become the UK’s most valuable property asset. It is an extremely compelling proposition managed by a team of highly seasoned, successful entrepreneurs with whom Octopus has a longstanding relationship.
‘The rapid success Zoopla.co.uk has enjoyed since its launch in January 2008 proves there is a clear gap in the market for a service that integrates the requirements of buyers, sellers, owners and estate agents by providing much more transparent and comprehensive information on the UK housing market. We are delighted to be working with the Zoopla.co.uk team and believe that this investment is capable of generating significant returns for Octopus investors.’
Chesterman adds: ‘We are extremely pleased to be working with Octopus once again. ‘The dedication and support they offer to businesses in which they invest, combined with the access they provide to relevant industry expertise through both the Octopus team and its Investor Group, played an invaluable part in securing LoveFilm’s market leading position.’
The GBP2m of funding from Octopus will be provided through Octopus Titan VCT 1, 2 and 3, Octopus Eureka EIS and the Octopus Private Investor Group.
