Purplebricks operates an online estate-agency model that lets sellers oversee property sales online while using a network of local brokers for valuations and transaction support. The company charges a VAT-inclusive fixed fee of £599 for sellers and offers landlord packages between £75 and £199 per month. Listings are distributed to major property portals including Rightmove, Zoopla and PrimeLocation. Founders Michael and Kenny Bruce created the business after previously selling a large estate agency, Burchell Edwards, to Connells. CEO Michael Bruce says “thousands of people” choose the service, and the company plans to launch more widely across the UK after building a base in the South of England. Purplebricks faces direct competition from other flat-fee entrants such as HouseNetwork, Tepilo, eMoov, Hatched and HouseSimple, but the new funding gives it cash to expand.

Total raised

$13M

Funding rounds

1

Latest round

Equity

Latest activity

Aug 2014