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Business News

Online property portal Boomin hires bankers for funding injection

today07/10/2021

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Boomin, the online property portal, has hired bankers to secure a major new funding injection.

Sky News has learnt that Boomin, which was launched by the Purplebricks founder, Michael Bruce, earlier this year, has hired Oakley Advisory to raise tens of millions of pounds from investors.

Sources said the process was at an early stage, but that the new capital would be earmarked to accelerate the start-up’s expansion.

Mr Bruce has assembled a heavyweight board for Boomin which includes Richard Pennycook, the former Co-op Group chief executive.

Boomin founder Michael Bruce Pic: Boomin
Image: Boomin founder Michael Bruce Pic: Boomin

The new round of funding, which one source said was likely to be aimed at raising between £25m and £50m, follows an earlier injection of money from the ventures arm of Channel 4, the estate agent Foxtons, and Mortgage Advice Bureau, the Derby-based network of home loans intermediaries.

That funding was committed at a £100m post-money valuation, with the new round expected to be at a premium to that figure.

Boomin was set up by Mr Bruce and his brother Kenny to challenge existing property portals such as Rightmove and Zoopla.

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It has signed up many of Britain’s 100 largest estate agents, including Hunters, Belvoir Group and Carter Jonas.

“In just a few months since launch in April we’ve grown exponentially, achieving the quickest penetration of any portal,” a Boomin spokesman said.

“Given the popularity of innovative features including the recently launched SmartVal, our strengthening brand awareness and the continued growth of new agent sign-ups, we are looking to accelerate our plans and build upon our early success with the appointment of Oakley Advisory.

“We will continue to invest in great people, innovative technology and our brand as we seek to deliver on our vision to create a relationship that lasts a lifetime with everyone interested in property.”

 Sky News

© Sky News 2021

Written by: Rother Radio News


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