Real estate disruptor Purplebricks has secured $177 million in equity investment from a major European publisher and is about to spend big on its US expansion
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Real estate disruptor Purplebricks has secured $177 million in equity investment from a major European publisher and is about to spend big on its US expansion.
The UK-based firm plans to spend $71 million to grow its presence in the US, roughly doubling the previous expectation.
That includes a rapid entrance into the New York market, which was planned the summer but will now happen next Tuesday!
“Since launching in the U.S in September 2017, we have achieved tremendous success and recognition in what we consider to be some of the most highly competitive residential real estate markets in the world,” said Purplebricks US CEO Erik Eckardt.
The $71 million investment will be used partly for strategic hires to bolster growth, together with technology and marketing spends.
“Our platform has been well received in all four California markets, and we are excited by the promising opportunity we see in the New York DMA,” he added.
Purplebricks has been running in the UK since 2014 and launched in Australia in 2016.
The model utilizes real estate professionals who know their market. Sellers pay a flat fee of $3,200 plus the buyer’s agent commission.
