Followit, a Sydney-based startup that combines real estate with social media, has recently secured $2 million in funding. The funding round, which values the company at $20 million, was closed as the startup prepares to launch its communication platform nationally. Followit’s two-sided platform provides a real-time feed of listed properties, similar to Facebook’s news feed. Real estate agencies, who were also beta testers of the service, invested in the company.
Followit co-founder and CEO Tony Moussa revealed that the company had initially decided not to take any further funding from agencies. However, they received a significant number of inquiries, and after careful consideration, the team decided to bring these agencies on board as investors. Moussa believes that it’s the best form of strategic crowdfunding for the business, as the very people who are using the platform are also investors.
The additional funding came from a group of real estate agencies from all over Australia of various sizes, according to Moussa. He also stated that the funding from a good cross-section of the industry is a positive sign of support for Followit.
Company Expands Nationally Across the Country
Sydney-based startup Followit has completed a funding round, which valued the company at $20 million. Followit is a two-sided platform for real estate listings that offers a Facebook-style feed of listed properties in real-time. CEO Tony Moussa stated that this valuation is a “very conservative” number based on the level of subscriptions and revenue anticipated in the next 12 to 18 months. The funding will be used to expand Followit’s platform nationally in the next month. The company has beta tested the platform in Sydney’s Northern Beaches, Perth, and Fremantle. The platform monetises through subscription fees paid by real estate agencies to communicate with users. Followit will conduct a national webinar to educate real estate agents across the country before the listings are made available on the platform in the coming weeks. Although the platform will soon be available in all parts of Australia, Followit will continue to focus on a region-by-region basis before expanding its financial commitment to social and digital marketing.
DOING IT BETA
Followit’s founder, Tony Moussa, shared that their extensive beta testing phase was crucial in improving the user experience and creating a service that both sides of the market genuinely want to use. He believes that this serves as a great example to other entrepreneurs.
Moussa emphasized the importance of strategically thinking about the most cost-effective approach to launching a business. He advised entrepreneurs to constantly ask themselves if what they’re doing is the right way to do it. With the industry rapidly evolving, the challenge is to stay on top of all the developments while running your own race and being aware of what’s happening around you. By doing so, you can avoid potential obstacles and take advantage of opportunities that can accelerate your success.
