Estate agent targets Scottish growth with £16m investment and new chairman
Estate agent Yopa is hoping to make inroads into the Scottish market after completing a £16 million funding round from existing investors dmg ventures, Grosvenor Hill Ventures and the company’s founders.
The new funding will be used to accelerate Yopa’s growth through continued investment in customer service, proprietary technology and to increase the company’s local market share through its network of agents.
Launched three years ago, Yopa has already become one of the largest estate agents in the UK. The company is disrupting the traditional estate agency model by doing away with the unnecessary costs of high street shop fronts, while using its proprietary technology and nationwide scale to deliver a great experience for its customers; all for a fair fixed fee which can be paid upfront, monthly or on completion of a sale through Yopa’s ‘No Sale, No Fee’ offer.
Yopa has also announced the appointment of property industry heavyweight Grenville Turner as chairman. Grenville is a highly respected operator with extensive experience of retail banking, fast-growing start-ups and the UK property sector. As the CEO of Countrywide, he led the business’ return to being publicly traded in 2013 with an IPO worth over £1 billion. His other directorships have included Rightmove, US realtor Realogy, and Sainsburys Bank.
Ben Poynter, CEO of Yopa, said: “Following a year of investment in 2018 and the launch of our No Sale No Fee product, this year we have been focusing on getting business fit, streamlining where necessary and investing in new teams to drive customer service and business performance.
“This latest funding round from existing backers is a clear recognition of Yopa’s significant growth potential, the fantastic work the team has done to lay strong foundations for that growth and Yopa’s unwavering commitment to customers.”
Manuel Lopo De Carvalho, CEO of dmg ventures, the venture capital arm of DMGT, said: “With DMGT’s extensive experience of the UK property market, we continue to see strong potential in Yopa and its technology and were happy to support this funding round. We are pleased that Grenville Turner has agreed to join the Board to support the business as it continues to mature.”
Grenville Turner, chairman of Yopa, added: “I am excited to join this energetic and growing business and relish the opportunity to support Yopa’s development. Yopa has national appeal, with a credible service proposition that leverages real estate agents, category-leading technology and flexible payment models at a time when customers are hungry for choice.
“I look forward to working with the management team, drawing on both my traditional estate agency background and hands-on experience in transitioning tech start-ups into their ascendancy.”