Sky News is reporting that Boomin, the portal founded by Purplebricks creator Michael Bruce, is close to finalising a new round of funding that will value it at almost £150m.
If true, that valuation would be substantially more than the current market capitalisation of OnTheMarket.
Bruce launched Boomin almost exactly a year ago, since when its agency membership and numbers of visits from consumers have been kept under wraps.
Sky says: "City sources said [Boomin] ... was likely to announce details of the fundraising - which has been overseen by Oakley Advisory - in the coming weeks. As part of the round, estate agents who sign up to the portal are being offered an allocation from a pot of free shares. Existing investors, including Channel 4's media-for-equity venture and Foxtons, are understood to be participating in the latest raise."
Officially, Boomin has some 8,000 agents on its platform but this is widely believed to have been a figure amassed because of free membership which comes to a halt tomorrow, April 1.
Boomin says it will reveal at least some information on paid-for agency membership next week.
Boomin has told Estate Agent Today it will not be commenting on the Sky News funding story.
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Ah, the old 'free shares' carrot.
£150m valuation on a business that's not charging anyone.. unicorns do exist.
Erm, didn't they say when they launched that they were not getting investors involved? How quickly that changed. Investors = increased fees for agents FULL STOP anyone who thinks otherwise is only fooling themselves
Clever Bruce to take on this debt just before their 'free listing' period ends. How the City fund managers see this as a positive investment is beyond me!
Is this an April Fool?
Good news for the agents leaving today. Does this mean the rates go up to more than Rightmove? the funders will want their money back.
They will be in exactly the same pickle as RM etc. as they will need to satisfy shareholders and investors. It is an unsustainable model unless agents are happy with continuing price hikes and surprises. So it is also a big fat NO from me!
What great marketing.....just in time to convince people to sign up ...
Still such a shame Rightmove charge 3 times more than they should do !
So they are basically taking the same approach as they did with PB and will end up exiting with millions leaving shareholders/investors with a dead duck. Nice one. The only thing this pair are good at is spin doctor marketing. More fool Foxtons and Channel 4. The bigger fools though are the ar*e licker followers clinging to their coat tails hoping to piggyback on any success they might have (all their secret handshaker pals, you know who you are). Its basically emporers new clothes syndrome.
The valuation tool I believe is EATs? so guess thats why they keep promoting boomin on here. People that have tried it said it was pointless as if they wanted a general idea of what their property was worth there is a faster way to do it on the other portals and elsewhere without all the gimmicky timer things. Plus they also said they wouldn't believe a remote valuation like that as the agent will not have even seen their property.
I cannot see anything that would make us want to pay them 3-400 a month. Even if I could, I wouldn't join it because they are involved. So now we know it has been Foxtons and Channel 4 funding their 200+ staff. They are just creating a whole load of marketing hype in a desparate bid to get agents signed up. The hype isn't working though as the public simply don't get it and their ads are damp squids. Ask any member of your own circle and bet you get same reply as we did. Basically asking what is the point when the other portals already offer all of this.
Additionally, if anyone seriously believes their agents together was anything but a sweetner, or believes any of the other nonsense they spout to appear humble then more fool you. Go spend your money on their thing whilst the rest of os focus on better more genuine offerings out there.
With all that investment floating around, they should keep the platform free to agents .Even then. It's a default dead operation built on confusion.
Hahaha, thanks, I needed a laugh today. Shame the investors won't be laughing, another blinder played by a corporate 'entrepreneur'. Wonder what Bruce's re-numeration will be for coming up with another... sigh... DiSrUpToR...
Another fraudulent scheme by the infamous Bruce Brothers. They destroyed so many families financially across several continents with promises of gold while they cashed in on Purplebricks leaving a blazing trail of bodies behind. Two snakes at it again.
"Another fraudulent scheme by the infamous Bruce Brothers. "
How it is fraudulent- it is a business - people have a choice to use it or not - or to invest in it or not.
"They destroyed so many families financially across several continents with promises of gold"
How?
"while they cashed in on Purplebricks"
If someone offered you a bucket of cash for your business would you take it?
"leaving a blazing trail of bodies behind"
No one died
"The only thing this pair are good at is spin doctor marketing."
Not true - they have made themselves millions ££
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