OnTheMarket is a UK residential property search portal for sale and rent, featuring listings from full-service estate and letting agents. Created by Agents’ Mutual in January 2015, OnTheMarket has become the third biggest UK residential property portal provider in terms of traffic.
OnTheMarket was admitted to London’s Alternative Investment Market (AIM) on 9 February 2018, in a deal that valued the company at £100m. This included a £30m fundraise. Zeus Capital acted as nominated adviser and broker on the transaction.
The company’s ongoing strategy is to compete with other property portals including Rightmove and Zoopla, by increasing its marketing budget to £25m in the first two years as a public company. It will also increase the scale of its infrastructure, particularly its technology development and sales and customer relationship management.
Ian Springett, chief executive at Agents’ Mutual, said: “We have made good progress against our plans first announced earlier this year. Our demutualisation received overwhelming support from members, and more recently we have signed new long term listing agreements with a number of leading estate agencies and property service providers. We are now well placed to list and raise new funds to challenge the two leading incumbent portals. We are excited about this new chapter in OnTheMarket’s development, which will strengthen our market position, and benefit our agents, investors and consumers using our services.”