Online real estate platform Purplebricks has collected $177m in funding from Axel Springer SE.
The company, which is set to launch in New York within the coming weeks, plans to use $171m of the equity to fuel its growth in the US.
Founded in 2014, Purplebricks is an online platform to support the buying, selling and letting of properties across the UK and Australia. The company provides users with an end-to-end platform to make the real estate process more convenient, transparent and cost effective.
Users can access a range of local real estate agent experts, 3D virtual tours of properties and lower selling fees. Alongside this, buyers can set up viewings instantly and implement direct messaging with the sellers to help negotiate the deals.
Last year, a report by Property Industry Eye stated the company raised £50m through the sale of shares on the London Stock Exchange. This capital was raised to support the expansion plans to the US, which was set for later in the year, it said.
Earlier in the month, Silver Lake and Battery Ventures acquired real estate data platform EDR in a deal worth $205m.
Funding to the PropTech sector declined last year, compared to 2016, with the total investment volume falling by $725m, according to data by FinTech Global. While the funding level dropped, there was a surge in funding during the fourth quarter, with $1bn being invested in the period.
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