Online property trading platform BidX1 has announced a strategic investment to accelerate growth.
The money comes from funds managed by private equity house Pollen Street Capital, which has offices in London and New York. While the specific details of the deal haven’t been disclosed, BidX1 have said £10m – £15m will be used on acquisitions and expansion.
BidX1 was established in Ireland in 2011, and today the digital platform allows people from around the world to sell or buy commercial or residential property in the UK or Ireland online.
Since it started, the company has sold more than 8,000 assets, raising more than €1.4bn, with bidders from 24 countries including New Zealand and the US.
Stephen McCarthy, BidX1 founder and managing director, said: “We have a clear organic growth strategy for the business and we will also consider joint ventures and the right acquisitions to accelerate our plans.”
Explaining BidX1 has its sights on the property markets in southern Europe and South Africa, as well as further expansion across the UK, McCarthy also said plans will “inevitably include integrating more financial services” to the platform.
Earlier this year, the company announced its acquisition of London-based auctioneers Andrews & Robertson, marking its entry into the UK.
James Scott, Pollen Street Capital partner, said: “Digital auctions are set to transform how institutional and retail property is bought and sold, not just in the United Kingdom, but around the world. We believe that BidX1 is well positioned to be a successful leader in this market transformation.”
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