YOPA, the hybrid estate agency, has raised GBP15 million in a Series B round of funding, led by Daily Mail and General Trust (DMGT).
The round included funding from Grosvenor Hill Ventures, the proprietary investment arm of Savills.
YOPA operates a network of 75 local estate agents across the UK and plans to double this number by the end of 2017. The company’s hybrid model enables customers to sell their property for a fixed fee of GBP839 with the use of its online platform. Industry experts predict that online and hybrid estate agents could handle up to 50 per cent of all sales by 2020.
The funding from DMGT comes alongside investment from Savills and further private investors. A total investment of GBP15 million was raised.
Daniel Attia, co-founder and CEO of YOPA, says: “After a strong first quarter of trading, we are delighted to have closed our Series B round of funding. Having DMGT lead this round is incredibly exciting and we are also pleased to continue our close relationship with Savills, who have reinvested and maintained their equity stake. Having two industry giants backing our vision is not only a testament to our model of estate agency, but to the team at YOPA who are the driving force behind the business.”
Paul Zwillenberg, CEO, Daily Mail and General Trust plc, says: “DMGT has a history of profitable investment in the property sector, including a significant long term stake in Zoopla Property Group, leading to the company’s successful IPO in 2014, and the group’s own portfolio of property information businesses in the US and Europe. We have been impressed by YOPA, which has quickly established itself as a key player in a new market that has exciting growth potential, and look forward to seeing the progress of the team’s expansion plans.”
YOPA will use the investment to expand its network of local agents and continue to grow its market share.