Chrystal Capital completes a £25 million private placement for easyProperty
Chrystal Capital has raised £25m for easyProperty via an oversubscribed private placement of shares.
easyProperty is a low cost, fully scaled, nationally branded online estate agency that is disrupting the traditional estate agency and property services marketplace, worth c.£10bn pa in the UK alone.
Following the two previous oversubscribed fundraising rounds, in February 2014 for £4.5m and September 2014 for £9.75m, Chrystal Capital has raised a further £16m through an oversubscribed pre-IPO private placement of shares, with a further £9m committed for accretive acquisition opportunities.
Toscafund Asset Management corner-stoned this financing and has a successful, proven track record of investing early into disruptive e-commerce technology companies such as Direct Line and Esure (which now have a combined market capitalisation in excess of £6.6bn).
The proceeds of the fundraise will allow easyProperty to continue to capture market share in the rapidly growing online estate agency marketplace, accelerate the platform’s technology development and deepen the breath of its property related services. £9m has also been earmarked for strategic digital acquisitions in complementary digital property verticals.