Digital property firm scores private equity investment
Disruptive digital property company BidX1 has secured investment from private equity house Pollen Street Capital.
The Irish firm is behind a digital platform which allows users to buy or sell property online on any device, from anywhere in the world.
Since 2011, the company has raised over €1.4 billion in property sales since 2011 through its digital platform and traditional auctions.
It will use the fresh capital for "rapid international expansion" and further acquisitions.
"We have a clear organic growth strategy for the business and we will also consider joint ventures and the right acquisitions to accelerate our plans," said founder and managing director Stephen McCarthy.
"We are a complementary platform for more traditional property agents and auction businesses who want to expand their market reach via a leading-edge digital platform for their clients and customers."
McCarthy added that the company is targeting expansion in southern Europe and South Africa.
Pollen Street Capital partner James Scott added: "Digital auctions are set to transform how institutional and retail property is bought and sold not just in the United Kingdom but around the world.
"The transformation will be profound as vendors increasingly understand the efficiency of the process, and buyers embrace the transparency that is inherent as well.
"We believe that BidX1 is well positioned to be a successful leader in this market transformation."
The acquisition of London-based auctioneers Andrews & Robertson earlier this year marked BidX1's entry to the UK market, closely followed by three digital auctions of UK property which saw investors embracing the transparency and efficiency of the BidX1 platform.