OpenAgent, a proptech platform based in Sydney, has secured $12 million in funding with Reinventure, the venture capital arm of Westpac, leading the investment round. Breakthrough Labs and Qualgro, a Singapore-based venture capital firm, also participated in the funding round. With this new investment, OpenAgent’s total capital raised now amounts to $20 million, with $1 million raised in 2014 and a $6 million cash injection in 2015.
OpenAgent provides a unique platform that enables property owners to research and request property appraisals from top real estate agents in their area. The platform recommends agents based on their track record, skills, and experience, ensuring that they are appropriate for the type of property the owner intends to sell. OpenAgent has doubled in size over the past year, now boasting a team of 60 and over 10,000 users on its platform.
The funds raised will be used to expand the OpenAgent platform’s tools and research capabilities for home sellers, as well as to provide more transparency around the agent selection process. OpenAgent appears to be focusing on enhancing the consumer’s experience when selling a property.
