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Online agent claims to be worth £12m after less than a year’s trading as it seeks crowdfunding

An online firm which claims to be Britain’s 41st largest estate agent after less than a year’s trading, is claiming to be worth £12m.

Doorsteps, which also says it is ranked in the top ten national estate agents by Trustpilot, is now raising £400,000 in exchange for 3.23% equity via crowdfunding platform Crowdcube.

By yesterday it had attracted 98 investors and had raised £57,510 in just over a week.

In two years’ time it plans to raise £5m in a second fund-raising round.

As part of its pitch, it says that the digital market share of estate agency is expected to go from 4% to 50% by 2020.

Doorsteps says its ambition is to be Britain’s largest and “most loved” agent, offering “awesome customer service”.

Doorsteps, which charges £99 or £199, depending on who takes the photos and writes the copy, says in its pitch that the online agency market door has been opened by Purplebricks, which it describes as a rival, and says that there is no reason why it cannot achieve the same market capitalisation as Purplebricks has done within two years.

The Doorsteps team is led by founder Akshay Ruparelia (pictured below) and CEO Mahesh (Mark) Kotecha who says he has started and exited two online UK businesses, which both had multi-million revenues and were profitable within five years.

Its chief marketing officer is Sham Golamy, who was previously head of Rightmove Overseas. Chief finance officer is Philip Goodmaker.

Doorsteps says that in its first year it listed 710 properties. This year it aims to list 3,075, next year 11,500, and in 2018, 11,500.

It uses what it calls “an army of local mums from professional backgrounds” to act as agents.

Yesterday on Rightmove, it had 761 sales properties listed altogether, of which 485 were available.

https://www.crowdcube.com/companies/upside-capital-limited/pitches/bXGymZ#

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Source:: Online agent claims to be worth £12m after less than a year’s trading as it seeks crowdfunding