British real estate portal OneDome has secured a further £5 million ($6.4 million U.S.) in Series A funding.
OneDome has now raised £13 million ($16.7 million U.S.) in total to help develop its platform, which allows buyers to search for property, obtain a mortgage and complete legal requirements on one platform. Buyers can be directly connected to agents, brokers and conveyancers in one end-to-end online process.
OneDome says it’s different from the two established leading U.K. real estate portals, Rightmove and Zoopla, because it focuses on joining up the homebuying process rather than just property search. Agents can promote their real estate stock for free and offer other home moving services to earn revenue.
The funding will be used for product development improvements to enable faster transactions to reach a goal of completing customers’ transactions in four to six weeks. It will also help fund marketing, increasing property listings for sale and rent and to appoint a team of personal moving assistants to help customers complete the property transaction process.
Investors include Lord Jacob Rothschild and family, Reuben Brothers Capital, Winslow Capital founder Clark Winslow and OneDome chairman Sir Nigel Knowles.
In 2019, OneDome acquired NetHousePrices.com, a British property listings website. In July OneDome reported sending 170,000 buyer and tenant leads to agents and had 1.7 million unique monthly visitors to its website, up from 1.5 million in June.
“The home buying process has had little impact from technology and innovation, which has transformed our experiences in other areas of our life from shopping to food ordering,” said Babek Ismayil, OneDome founder.
“While home buying is naturally a more complex process, it can still be dramatically improved and optimised. Our platform will make homebuying a simpler and more streamlined process for all parties involved, saving money and time.”