London-based proptech startup Homesearch has secured £5m in a Series A funding round. The round was led by Octopus Ventures and the capital will be used to add more data insights to its property platform, which is used by estate agents to generate leads.
Post funding, Homesearch plans to improve the data it makes available to agents and expand its product base.
This will require increasing the volume and quality of seller and landlord leads that are delivered to its estate agent subscribers.
The startup claims that agents using its platform have witnessed an average return on investment of 1,100%. The latest funding will be used to help it meet its target of increasing ROI to 1500% by the end of this year.
“Our unique way of interpreting and processing data into usable information with straightforward tools allows estate agents to support their clients with finding their dream homes in record time,” said Giles Ellwood, Homesearch CEO. “And that results in more instructions and many more satisfied clients. This major investment is a key stage in our exciting journey towards transforming the way estate agents do business.”
Homesearch is one of the latest in a slew of investments for London-based Octopus Ventures. The venture fund recently invested $7m in London-based insurtech BondAval. Additionally, the venture fund also invested £3.3m in the online community platform Zapnito back in June 2021.
Other companies that it has backed include online car marketplace Cazoo and subscription snack delivery company Graze. It has also backed property site Zoopla.