Rightmove challenger OneDome completes £5m Series A funding round with backing from investment giants
OneDome aims to become the ‘Amazon of property’ by offering an end-to-end homebuying experience via its revolutionary e-Homebuying platform.
Property technology company OneDome, the first platform to offer property buyers the ability to search for property, get a mortgage and organise all legal matters online on one convenient platform, has raised £5m in a Series A funding round with the aim of challenging established property listings websites like Rightmove by offering consumers an “Amazon like” end to end homebuying experience.
The company has been backed by some of the UK’s most established family offices and angel investors, including Lord Jacob Rothschild and family, Joshua Alliance (son of Lord David Alliance), Reuben Brothers Capital, Winslow Capital’s founder Clark Winslow, DLA Piper’s former Global co-CEO and OneDome’s chairman Sir Nigel Knowles and a number of other investors.
OneDome differentiates itself from other property websites such as Rightmove and Zoopla by focussing not just on the property hunting experience, but the whole homebuying process by connecting all the steps in the process into a single customer experience.
Which? study have shown that the homebuying experience is amongst the most stressful experiences in a person’s life* due to a disjointed nature of the process. Furthermore, one in three property purchases in the UK fail, costing the buyer on average £2,899 per failed transaction**
OneDome gives buyers and sellers the ability to complete the end-to-end process online through a single customer-centric platform. 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 estate agents to promote their clients’ properties on the platform for free and to generate revenue from various home moving services, in contrast with Rightmove who has been increasing their listing fees, with some agents today spending 15%-20% of their entire operating expenses on property portal advertising alone.
The current funding round, which takes OneDome’s total funding to £13m, will help to launch OneDome’s New e-Homebuying platform in the UK. The ultimate goal of the platform is to drive the sales process down to 4-6 weeks by connecting all parties involved in the sales process and removing inefficiencies.
The series A funding round represents the latest chapter in OneDome’s growth. In the second half of 2019, OneDome acquired Nethouseprices.com, one of the UK’s oldest and most established listing websites. In Q4 2019, OneDome became a listing partner of Facebook Marketplace.
Babek Ismayil, Founder, 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.”
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NOTES TO EDITORS
OneDome was founded by Babek Ismayil, a former Senior Vice-President in distressed debt trading at JP Morgan. Chairman of OneDome is Sir Nigel Knowles, the former Global co-CEO of DLA Piper.
The idea for OneDome came to Ismayil after his own troublesome homebuying experience, where after four months of searching for a home he found out on the day of exchange it had been bought by someone else. The experience had cost him thousands of pounds and months of his life; as a result, he was unable to even contemplate buying a property again for the next four years.
Currently 48% of the state agency market provides listings to OneDome operated websites onedome.com and nethouseprices.com, generating over 2.5m sessions per month. As a direct result of the COVID-19 pandemic, and a need for more streamlined, digital solutions to the problems traditionally faced by homebuyers, over 15% of the estate agency market has joined OneDome in the last four months, with a 665% increase in customer engagement over the same period. As a result, more than 170,000 property enquiries are now being generated by OneDome per month.