UK-based proptech startup YOPA has raised £15 million in a Series B round led by Daily Mail and General Trust (DMGT). The round included funding from Grosvenor Hill Ventures, the proprietary investment arm of Savills. This comes after the firm raised £16 million last year in a Series A round, bringing its total to £31 million.
YOPA is a hybrid real estate agency that operates a network of 75 local estate agents across the UK, and company says it 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 £839 through its online platform. Industry experts predict that online and hybrid estate agents could handle up to 50 percent of all sales by 2020.
“After a strong first quarter of trading, we are delighted to have closed our Series B round of funding," said Daniel Attia, co-founder and CEO of YOPA. "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.”
Read more: Private Equity Wire (Press release)