Property technology group Openn Negotiation is set to continue its rapid growth in tough market conditions following a $3.5 million Series A funding round.
Openn Negotiation gives buyers the ability to view current bids and the remaining time on the negotiation and sale process. The platform acts in a similar way to a physical auction, and results in sellers and agents gaining access to a wider pool of potential buyers increasing the chance of a successful sale.
The equity injection, which follows on from their Seed Capital round in December 2016 to launch the Openn platform, will help Openn Negotiation in the next growth period for the company.
Openn’s share register includes a significant financial institution, one of Australia’s largest Family Offices and a number of high profile property and fintech investors. Investors have taken strategic stakes in the business after seeing the potential in the Openn Negotiation business which provides buyers, sellers and the wider real estate industry with increased transparency and a competitive angle in tough markets.
Co-founder and Managing Director of Openn Negotiation, Peter Gibbons, said the quality of investors has provided the business with a huge advantage in the current real estate market.
“We developed Openn Negotiation after lamenting the sheer confusion that is caused for all participants in the transactional process of buying and selling a home,” Mr Gibbons said.
“We partner with real estate agents. The Openn Negotiation technology provides a method and sale process which the general public can trust. This is because Openn Negotiation is independent and does not take or receive any portion of the agent’s commission.”
Since launching in April 2017, Openn Negotiation has achieved significant growth in the Australian market, with more than 1500 trained and certified agents using the platform and more than $477 million in property sold.
Openn Negotiation’s specialised software is changing the Australian property industry, particularly in regions where the market is cooling, allowing properties to sell in an average of 32 days despite tough conditions.
As well as giving buyers an easy and transparent look at acquiring real estate, the Openn Negotiation platform also helps sellers make an informed decision by signalling the true market price of their property with real-time updates on bids and buyer interest.
“In addition and through our connection and engagement with industry partners, we have identified a number of value adding opportunities which will assist with the whole process of buying and selling a home,” said Mr Gibbons.
“We’ve seen a tremendous amount of support from the real estate community and expect to see continued growth.”
