Melbourne-based real estate startup LocalAgentFinder has secured a $5.5 million funding round, with News Corp-owned entities leading the investment. The company was founded in 2007 by Rupert Greenhough and Andrew Menzies with the aim of providing home sellers with a comprehensive database of real estate agents. LocalAgentFinder CEO Matt McCann stated that the founders identified a gap in the market where property sellers had limited options to gather information on estate agents, compared to other sectors like insurance and energy. The latest round of funding gives the startup more options, including the potential pursuit of an ASX listing by the end of 2023. McCann has stated that the company’s plan remains unchanged from a year ago, and that a decision will be made in the second half of the year on whether to pursue an IPO, trade sale, or remain private. The startup is undaunted by recent market challenges and retains its appetite for a public listing.
Partnership with Commbank Complements Fundraising Efforts
LocalAgentFinder has undergone significant changes to its product and execution in the last year, despite its raise amounts remaining similar and less than 12 months apart. The company has also continued to expand its brand through various partnerships, including a recent one with Commonwealth Bank, allowing customers to compare real estate agents through the LocalAgentFinder platform. The $5.5 million raise was led by News Corp’s Scaleup Mediafund, alongside other existing and institutional investors. Founder and CEO Matt McCann believes the News Corp partnership will give LocalAgentFinder access to valuable media and advertising channels. He also notes that the Australian property market is experiencing a second wave of innovation, with a focus on delivering agents with vendors and how they interact with the market.
