EasyProperty said to be seeking £5m for expansion
Updated : 15:07
The online estate agent backed by easyJet founder Stelios Haji-Ioannou is reportedly in talks to raise millions of pounds from investors as capital pours into the sector.
According to Sky News, easyProperty is seeking £5m to fund its expansion and additional investment in marketing.
Fundraising discussions are said to be at an advanced stage.
A spokeswoman for easyProperty said in a statement: “We can confirm easyProperty’s CEO Rob Ellice has been undertaking a planned third round of investment talks in line with commercial plans to fund the continued expansion of the growing online estate agency business."
According to documents circulated among potential investors and seen by Sky News, easyProperty has an exclusive 20-year agreement with easyGroup which covers any property-related services in the UK.
The company also has an option to expand the business into six other European markets, including France, Germany, Greece and Italy, while easyGroup has an option to buy a further 3.4% of the property company's shares.