BidX1 valued at €66m as it secures €13m investment from new backers

Digital property investment platform BidX1 has been valued at €66 million after securing investment of about €13 million from two new backers.

Italian financial services group DoValue has taken a 10 per cent stake in the Irish proptech company, while management consulting firm Oliver Wyman, which has its headquarters in the US, is acquiring a 5 per cent stake for about €3 million.

They join Pollen Street Capital, which made an investment in BidX1 in 2018, and founder Stephen McCarthy as shareholders in the company.

BidX1, which has developed a platform for end-to-end online property transactions, intends to use the new financing to expand its product offering and to enter more markets.

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The company, which operates across Ireland, Britain, South Africa, Spain and Cyprus, has sold more than 10,000 properties to date, generating more than €2.5 billion.

Last year more than 30,000 bids were placed via the company’s platform on properties, with buyers from more than 60 countries.

Property innovator

“We are delighted to be partnering with DoValue and Oliver Wyman. Their investment validates BidX1’s position as an innovator in the property industry and is a further recognition of the company’s potential for growth,” Mr McCarthy, BidX1’s chief executive, said.

“Their expertise will be invaluable as we continue to scale our platform globally, expand our service offering and continue to improve the property transaction process for buyers and sellers,” he added.

DoValue, which is listed on the Borsa Italiana in Milan, was formerly part of Unicredit. It has €160 billion of assets under management.

Oliver Wyman, which has its headquarters in New York, has more than 60 offices employing more than 5,000 people. It had revenues of $2 billion last year. As part of its deal with Oliver Wyman, BidX1 is acquiring an online platform for transactions involving non-performing loans.

BidX1 began as Allsop Space in 2011, when it auctioned 81 properties in Dublin for €15 million through a joint venture with British player Allsop. In 2015 it began running online auctions alongside traditional sales and, two years later, the company became a digital-only auctioneer.