Investment
Octopus Ventures Ltd is investing £2 million in Zoopla.co.uk, an online property information service, as the lead investor in a £3.75 million second round funding with current investors.
The funds will be used to develop Zoopla.co.uk through the enhancement of its technology platform and an expansion of sales and marketing.
Zoopla was set up in January 2008 by Alex Chesterman, the co-founder of ScreenSelect.co.uk. Screen Select is now known as Lovefilm.com, and is Europe’s largest online DVD rental business. Since 2008, Zoopla.co.uk has become one of the most visited property websites in the UK, with over five million visits and 40 million page views. It claims to be the UK’s leading website for house prices and valuation data, and now plans to include estate agent listings on a pay-for-performance basis.
Alex Macpherson, Chief Executive of Octopus Ventures, said, “Zoopla.co.uk has the potential to become the UK’s most valuable property asset. It is an extremely compelling proposition managed by a team of highly seasoned, successful entrepreneurs with whom Octopus has a longstanding relationship.”
“The rapid success Zoopla.co.uk has enjoyed since its launch in January 2008 proves there is a clear gap in the market for a service that integrates the requirements of buyers, sellers, owners and estate agents by providing much more transparent and comprehensive information on the UK housing market.”
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