House crowdfunding platform Property Partner – the online equity firm that funds property deals ranging from houses to apartment buildings – is seeking an independent direct marketing agency to further expand its business.
Launched in early 2015, the platform allows people to buy a share of a rental property for as little as £250. The company has gone through two rounds of funding, bringing in £22.5m from backers which include Octopus Ventures, which also funds Zoopla, Index Ventures, Dawn Capital and Silicon Valley Bank.
Over 10,000 investors have collectively purchased nearly 700 properties across the UK on the platform, achieving claimed estimated total annualised returns of 7.7%, but it is now looking to target high-end investors.
The fintech says that in 2017, the value of properties it manages increased by 74% to £100.7m.
Although exact details of the brief are not known, the agency hunt is being led by head of marketing Darren Macaskill. Instead of using an agency “marriage broker”, Macaskill has launched the search for an independent DM agency on LinkedIn.
Speaking to Business Insider, chief executive Dan Gandesha recently said: “On day one, when you have no platform and no customers, it’s really difficult for a large customer to come along and deploy capital on your platform, because they would be too exposed.
“It’s now not uncommon for an investor to invest a six or seven-figure sum on the platform, whereas we very much focused our marketing efforts on the smaller check size in the early days. Our marketing efforts these days are targeted at customers that are likely to invest upwards of £25,000 with us, and quite often significantly more.”
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