BIDX1 announces strategic investment round with Pollen Street Capital

Today (September 3), BidX1, a digital property company, has announced a strategic investment by funds managed by private equity house, Pollen Street Capital.

Pollen Street Capital’s investment aims to accelerate BidX1’s strategic goals, furthering acquisitions and international expansion.

BidX1 has developed a transparent digital platform, allowing users to buy or sell property online from anywhere in the world, on any device.

Stephen McCarthy, founder and managing director at BidX1, said: “Digital innovation, sector expertise and best-in-class management teams are the trademarks of Pollen Street’s investment decisions so we’re very pleased to have established a partnership with them.

“It’s a testament to the strength not only of our bespoke platform, but also our people, whose passion and expertise have driven our success.”

The firm has raised over €1.4bn in property sales since 2011 both via its digital platform and traditional auctions.

In total, the BidX1 team have sold over 8,000 assets since establishment, raising more than €1.4bn.

Over the past 18 months, bidders from 24 countries from New Zealand to the United States have bought over 2,000 assets using BidX1’s digital property trading platform while raising over €500m in the process.

The acquisition of London-based auctioneers, Andrews & Robertson, earlier this year, marked BidX1’s entry to the UK market, closely followed by three digital auctions of UK property which saw investors embracing the BidX1 platform.

James Scott, partner at Pollen Street Capital, added: “At Pollen Street Capital, we seek out specialist entrepreneurial management teams whose businesses have strong growth potential - and Stephen McCarthy, Mike Murphy and the rest of the BidX1 team fit that bill.”

Pollen Street Capital’s investment will help to further BidX1’s strategy of driving progress in the property industry through digitisation, ease, speed of completion and ongoing innovation.

Specific details of the transaction have not been disclosed.

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