The Sydney-based real estate platform OpenAgent has secured $12 million in funding to continue its rapid expansion across Australia. The funding round was led by Reinventure, with participation from Breakthrough Labs and Singapore-based venture capital firm Qualgro. OpenAgent has now raised a total of $20 million, with previous rounds of $1 million in late 2014 and $6 million in June last year. The company’s platform provides Australians with a more transparent and streamlined process for selling property.
Explosive Expansion
According to OpenAgent co-founder Zoe Pointon, the startup has experienced a doubling in size over the past year, now boasting over 10,000 users and employing 60 individuals. Pointon acknowledges that the expectations for the company’s growth have increased as more funding has been raised. She notes that while fast growth in a large market is the main pitch, having a strong team is equally important. OpenAgent recently received an investment from Reinventure’s new $50 million fund and Singapore-based venture capital firm Qualgro, the second time Qualgro has backed an Australian startup. Pointon states that this is a powerful validation for the local business. Co-founder Marta Higuera adds that the funding round is about more than just capital, emphasizing the importance of attracting high-quality investors to the company.
Aiming to Expand Nationwide
OpenAgent plans to utilize the newly raised funds to expand its offerings and enhance the platform to provide greater transparency for individuals contemplating selling their properties, according to Higuera. The company began by comparing real estate agents, but there is much more that can be done for consumers, she says.
Numerous Australian startups are attempting to disrupt the conventional real estate sector, which Pointon believes is a good thing. The real estate market generates a lot of pain for buyers and sellers, and there isn’t enough transparency, according to her. Because it is such a vast market, she believes that more people will enter the industry and innovate, resulting in behavioral change and the adoption of new technologies.
Prioritizing what matters
According to OpenAgent co-founder Zoe Pointon, the team’s unwavering focus on one aspect of the market has been crucial to the company’s success.
Pointon believes that prioritization and focus are the most difficult aspects of running a company like OpenAgent. In order to build a consumer brand and leverage technology and people effectively, you have to be ruthless about what matters and how you can achieve growth metrics.
She asserts that it is essential to say “no” to potentially exciting projects in order to stay focused on the core function of the business. OpenAgent’s main goal is to help sellers and simplify the process, so the team strives to excel in this area.
Despite the many enticing opportunities and distractions, Pointon advises that it is necessary to avoid being seduced by all the shiny things around you. By focusing on what matters most, companies can achieve significant growth and success.
