Property technology company OneDome has raised £5m in a Series A finding round with the aim of challenging established property listing websites by offering property buyers the ability to search for a property, get a mortgage and organise all legal matters on one platform.
The company has been backed by some of the UK’s most established family offices and angel investors including Lord Jacob Rothschild and family, Reuben Brothers Capital and DLA Piper former global co-chief executive and OneDome chairman Sir Nigel Knowles.
A Which? study has shown that the homebuying experience is amongst the most stressful experiences in a person’s life due to a disjointed nature of the process. One in three property purchases in the UK fail, costing the buyer on average £2,899 per failed transaction.
Through the OneDome platform, buyers and sellers are directly connected to agents, brokers and conveyancers making the whole experience less convoluted and complicated. Unlike Rightmove and Zoopla, OneDome allows agents the ability to promote their clients’ properties on the platform for free.
The current funding round, which takes OneDome’s total funding to £13m, will help to launch OneDome’s new e-Homebuying platform later this year and substantially increase the marketing efforts of the platform to provide estate agents with a viable alternative to ‘pay-to-list’ portals.
Babek Ismayil, founder of OneDome, said: “We are delighted to have closed our Series A funding round with support from such prominent names in the investment world.
“The home buying process has had little impact from technology and innovation, which has transformed our experiences in other areas of our life from shopping to food ordering. While home buying is naturally a more complex process, it can still be dramatically improved and optimised.
“Our e-homebuying platform will make homebuying a simpler and more streamlined process for all parties involved, saving money and time.”