The portal confirmed that it has called in the liquidators, BK Plus, to handle its insolvency after being unable to secure new funding.
Boomin was launched as a rival to established portals like Rightmove and Zoopla, and initially attracting backing from the likes of Channel 4 and Foxtons. However, it failed in its bid to secure an additional £6m in funding.
Founder Michael Bruce said that Boomin had been the victim of poor timing, having shifted to a fee-paying model earlier this year, just as the economy entered a slowdown, leading to the “drying up” of funding.
He continued: “In line with most tech company scale-ups we overhauled our business model to reflect the new market conditions, sharpening our focus on our key differentiated products and improving efficiencies to bring forward the point where we reach breakeven and generate positive cashflow.”
However, the worsening economic situation and uncertainty in the housing market meant it was not able to complete the funding round in time to continue.
Doorsteps stumbles
It’s not the only property firm to hit the wall. Doorsteps.co.uk, a domain used by an online estate agent, has been listed for sale on GoDaddy.
The agent was launched back in 2016 by Akshay Ruperalia, who was then just 17, and won attention by charging just £99 for their services, which included listings on Rightmove and Zoopla.
Ruperalia ‘reluctantly’ quit the business a year ago, after declaring he and his fellow director had different visions for Doorsteps.
