Chrystal Capital has raised £4.5 million for e-Prop Ltd via an oversubscribed pre-IPO private placement of shares.
e-Prop is the holding company that owns 100% of a new low cost, fully scaled nationally branded online estate agency that will disrupt the traditional multi-billion pound agency market. Offering cost effective property services, simple user functionality and new technology enabled solutions to unbundle the traditional market services and pricing structures, consumers of e-Prop will receive a far superior experience at dramatically lower pricing points when transacting property.
This revolutionary ‘next generation’ estate agency model will be executed by a world class management team and board that combine a wealth of experience across property, technology and platform marketing following careers at Betfair, Bwin Party, Expedia, Findaproperty, Primelocation, Move Inc, Countrywide, Rightmove and easyJet.
The compelling nature of the business has been further endorsed by national blue-chip companies which are joining the platform as key corporate partners for the nationwide launch this summer.
“Chrystal Capital put together a high-class road show and we are delighted to be heavily oversubscribed.”
Robert Ellice, CEO of eProp
The proceeds of the fund raising will be used to complete the core technology, strengthen the management team and provide marketing support for the launch.
Commenting on the private placing, Robert Ellice, CEO of eProp, said: “We are the next generation of online estate agents with a model that perfectly addresses how the technology connected world needs and wants to transact property. Chrystal Capital put together a high-class road show and we are delighted to be heavily oversubscribed.”
Kingsley Wilson, a Partner at Chrystal Capital, commented: “Naturally when you bring such a high quality proposition to the market the demand is strong. Although we planned to raise £2.75m, the offering was over two times subscribed and we had to scale the demand back despite increasing the size of the fund raise to £4.5m.”