UrbanX, a three-year-old Australian startup that provides a white-label digital platform for high-performing real estate agents, has secured an undisclosed amount in its latest funding round. The round was led by 29North co-founders Ross Hayward, Ben Korst, and Brendan Larsen, with support from Archie Douglas, co-founder of PRD Nationwide, who will also chair UrbanX’s board. M&A lawyer Oliver Talbot and IT expert Gordon Tan, who both invested in the round, will join UrbanX as non-executive director and CTO, respectively. The funding will be used to fuel the next stage of UrbanX’s IT platform, aimed at helping real estate agents work more efficiently.
UrbanX’s co-founder and CEO, Dan Argent, believes that the company’s concept represents the future of real estate. The platform seeks to revolutionize the traditional real estate model by empowering top agents in Australia to work for themselves and create their own unique brands. Argent has set an ambitious goal of working with 20% of the top 20% of agents in Australia and New Zealand by 2030.
UrbanX’s platform allows high-performing agents to focus on what they do best – selling houses – by taking care of everything behind the scenes, such as marketing, administration, accounts, and training. According to Argent, the traditional real estate model takes a significant cut of agents’ commissions, leaving them with only 25% after tax and superannuation deductions. By cutting out the middlemen, UrbanX’s platform allows agents to keep up to 90% of everything they earn.
Founded in 2019, UrbanX is on track to sell $3 billion worth of property and is currently expanding rapidly throughout Queensland, New South Wales, Victoria, Tasmania, and the Northern Territory. The platform will also launch in the Australian Capital Territory shortly.