German publishing giant Axel Springer has increased its stake in the UK-based digital real estate platform Purplebricks to 26.6 percent by acquiring €49 million worth of stock “from various founding shareholders” at £1 per share. At the time of writing, Purplebricks was trading at £1.082 per share.
Launched in 2014, Purplebricks bills itself as a hybrid real estate agent platform, which basically means that it strives to apply technology to its processes and services. According to an Axel Springer statement, Purplebricks has shown “convincing revenue and profitable growth despite a challenging market environment” in the UK.
In October last year, both Purplebricks and Axel Springer participated in a €20 million funding round for another real estate startup, Homeday.