Online auction tech secures £ 1million from ‘bamboost’
RO Group’s investment arm, RO Capital Partners, co-led a £ 1.1million fundraiser with the Cass Enterprise Fund to provide online auction technology to estate agents and homes auction, Bamboo.
Launched in 2015, Bamboo Auctions’ technology allows properties to be sold with immediate and legally binding contracts. Its market makes transactions faster, more secure and more transparent and its clients include Clive Emson, Stags, Bradleys, Hunters and Webbers.
In the past 12 months alone, more than 1,000 properties have been sold using the Bamboo platform, raising over £ 200million.
Edward Rowlandson, Managing Director of the RO Group, said: “We launched RO Capital Partners in April 2021 to invest in active and early stage technology companies and proptech was a key market for us given our extensive experience in real estate.
“We are extremely excited about Bamboo, its offering and its use of technology to innovate in the real estate market. Robin and his team have demonstrated that, although it is in its early stages, Bamboo has a winning business strategy and great growth potential and we are excited to lead this cycle alongside Cass and existing investors. .
Bamboo will use the growth capital to invest more in its online auction technology to ensure it remains the best in the market, as well as to introduce new partnership features and integrations while maintaining the high level of service. client of the company.
The right move
The proptech company has also partnered with Rightmove, which means properties listed by agents through Bamboo’s platform will automatically be tagged as auction property and have up-to-date timer and auction status.
Robin Rathore, Founder and Director of Bamboo Auctions, commented, “The average real estate transaction takes around 20 weeks, but using our technology agents can cut that time down to just five weeks. About 35% of transactions will fail before they are completed, but using Bamboo agents can increase transaction certainty to around 99%.
“The speed and certainty that our technology brings to the transaction has given our agent clients an invaluable market advantage, not only because it has given them the space and time to sell properties for periods of confinement, but also because it has contributed to increasing the number of instructions, increasing the number of sales and increasing average costs in general.
“Auctions are changing, and Bamboo is at the center of this movement. “