OpenAgent raises $A12 million

OpenAgent announced it has successfully closed a $A12 million round of funding. The company is a real estate web site which aims to make it easier for Australian property owners to sell their properties.

The round was lead by ReInventure, with co-investment from Sydney VC Breakthrough Labs and Singapore based VC, Qualgro.

The company was founded in 2013 by Zoe Pointon and Marta Higuera, and it says it has doubled in size each year.

In the last 12 months, more than 10,000 people have used the service to shortlist and meet real estate agents. OpenAgent compares their performance to help sellers make more informed decisions about the agent they would like to trust to sell their home. On its site the company claims, “OpenAgent makes it easy to find that needle in a haystack and come up with the most qualified agent for your home. By matching you to agents with the best track record for your kind of property, we could help you sell for tens of thousands of dollars more. It’s not rocket science — actually it’s real estate science.

According to Zoe Pointon, co-founder and joint-CEO, OpenAgent, “The model clearly resonates with consumers.”

She said that the majority of people using the platform sell for more than the agent appraisal, and the platform typically saves vendors up to ten hours in the process.

“We don’t see our job as just comparing agents, we are here to make it easier to sell your property,” Pointon said.

The investment brings OpenAgent’s total funding to $A20 million. The funding will primarily be used to deliver new services to Australian home owners.

The founders said home owners are crying out for more transparency, more control and better customer service when selling their property.

OpenAgent is the first investment in the second fund of ReInventure and the second Australian investment from Qualgro.

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