OpenAgent raises $6 million to improve user experience and increase brand awareness
OpenAgent, the real estate agent comparison startup, has announced that it has raised a $6 million funding round from Hollard Investments. Richard Enthoven, founder and managing director of the Hollard Australia Group, will be joining OpenAgent’s board.
This round takes the total investment raised by OpenAgent to date to $8 million after the investment of $2 million from angel investors including Pete Flint, founder of US real estate startup Trulia, across 2013 and 2014. The round will help the startup improve user experience and drive the growth of its user base.
Zoe Pointon, co-founder and co-CEO of OpenAgent, said that Enthoven is “a big supporter” of the startup’s direction, and has been a mentor to both herself and co-founder Marta Higuera for the last 18 months.
“His own entrepreneurial spirit and experience growing companies that help Australians make important financial decisions will be invaluable to OpenAgent. The funding will allow us to continue to grow the business and connect more Australians with the best real estate agents to help them through the selling process,” she said.
“Australian home owners continue to lack information and guidance when making one of life’s most important financial transactions: selling your home. We believe failure to compare agents is a significant contributor to poor outcomes for both sellers and buyers in real estate. There are still too many Australians who don’t get the right agent to sell their property, and we want to fix that.”
Enthoven agreed that the investment in OpenAgent will allow the startup to reach more consumers.
“I think we are only scratching the surface of what is possible in the Australian property industry and I’m excited to get involved at this stage of the company’s growth,” he said.
OpenAgent, often described as the TripAdvisor of the real estate industry, helps Australian home owners sell their property by providing rankings of real estate agents. The rankings are based on data from more than two million sales and 15,000 customer reviews. The startup has so far assisted in the sale of $2.6 billion worth of Australian property.
With this investment, OpenAgent is well positioned to scale. More importantly, Pointon and Higuera have excellent advisors on board in Enthoven and Trulia’s Flint. Enthoven has seen Hollard Group Australia reach 1 million customers since its founding in 1999, while Flint scaled Trulia to the point where it was acquired by fellow US online real estate marketplace Zillow Inc for $3.5 billion in August last year.