PropTech Offr raises £2.7m to digitise property sales
Posted on August 20, 2020 by Alistair Hardaker
London and Dublin PropTech platform Offr has raised £2.7M (€3M) in seed funding led by Barclays.
The firm claims it can reduce the average length of time to sell a property from listing to completion from 7 months to 3 months for traditional sale, or 2 months using online auction.
Its white-label platform, which launched ten months ago, allows buyers to submit offers and close deals on real estate agents’ own websites.
It claims to digitise over 85% of the process of buying and selling property for agents and their customers, and has made international trading of property possible for buyers online, using traditional real estate agents.
Offr’s technology enables real estate agents to track the progress of a sale or lease on their mobile device or laptop, in real-time, with instant alerts an offer is received, if there is an upcoming viewing or if legal documents have been updated.
Buyers can book a viewing online, upload proof of funds and ID, make an offer, pay a deposit, connect to their solicitor, and sign contracts.
Existing investors Delta Partners on behalf of Bank of Ireland, AIB, Enterprise Ireland, The European Investment Fund and Frontline Ventures also participated in the round.
The seed funding brings Offr’s total funds raised to date to over £3.6M (€4M).
The new funding will be used to accelerate international expansion, and further develop its transaction infrastructure platform over the next 12 months.
These product developments will expand Offr’s platform to manage the transactions of all types of properties, both traditional and auction, including the sale of homes, residential lettings, commercial sales and leases.
Offr’s three founders, Robert Hoban, CEO, Niall Dawson, CTO, Philip Farrell, CCO, have over 75 years’ combined experience in the property and technology sectors, working with companies such as Bidx1, Allsop, Savills, XSellco, UltimateRugby.com, REA Group, and Real Estate Alliance,
Hoban, also the frim’s CEO, has two decades of experience buying and selling commercial and residential properties.
“I expected we’d be where we are today in five years’ time. We built Offr with a clear and simple goal, to change the way property is bought and sold; to make it faster, more transparent and more enjoyable for real estate agents, buyers and everyone else involved in the process,” he said.
“We made it our goal to address these problems. We developed one platform for everyone. An end-to-end, open solution which supports real estate agents, buyers, sellers and solicitors and the pandemic has accelerated adoption by all.”