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Online estate agent Strike raises £11m in funding and appoints CTO

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  • 12/07/2021
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Online estate agent Strike raises £11m in funding and appoints CTO
Essex-based estate agent Strike has raised £11m in funding as part of plans to target nationwide growth and has added two new backers to the business.

 

The new backers include Sir Peter Wood via his SPWOne investment vehicle, as well as Channel 4 Ventures. Existing investors Freston Ventures and Toscafund also participated in the round.

The company said that it had experienced a dramatic jump in market share, having expanded across the Central region and the Midlands in the last year and it aims to be the largest UK estate agency brand next year.

The deal will build awareness for the business in a media-for-equity deal where Channel 4 provides airtime to Strike in return for a stake in the business.

Head of Channel 4 Ventures Vinay Solanki said: “Strike’s disruptive ambition to redefine the way people move homes resonates with our own challenger brand values and sits well within Channel 4 Venture’s growing investment portfolio, which we’re focused on scaling as part of our Future4 strategy to diversify new revenue streams.”

Chairman of SPWOne Sir Peter Wood added: “Strike’s clarity of proposition and innovation captured our attention. The business’s approach to moving home, supporting customers at each and every stage of their transaction and experience, resonated with us and we believe the concept has considerable potential.”

Strike also confirmed that Dan Rafferty had been appointed its chief technology officer. He was previously technology director at Ocubis for just under a year and before that he was chief operating officer at Hunters Estate Agents for nearly two years.

Prior to that he was chief information officer at Foxtons for nearly 15 years.

“His visionary mindset, combined with our digital-first approach, will lead our continued investment and innovation in tech and further solidify our commitment to making moving as easy as possible for homeowners,” Strike’s chief executive officer Sam Mitchell said.

Strike was founded in 2007 and is an online estate agent and has sold £4.4bn of property since it launched. The business also provides mortgage advice, conveyancing and moving services.

According to Crunchbase, prior to this funding round the business had raised £33m, £20m from one funding round in 2017 and £13m in a funding round in 2016.

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