Newcastle based proptech announces new phase following ‘transformational growth’

iamproperty has announced Perwyn as its new private equity partner as the proptech business is about to record its biggest year of growth to date. LDC, the private equity investor which is part of Lloyds Banking Group, has exited its investment in Newcastle based firm.

During the four-year partnership between iamproperty and LDC, the proptech completed two acquisitions, launched new proptech solutions to the market and more than tripled revenue, headcount and EBITDA.  

With revenues expected to hit £76m for the financial year ending 31 October 2023, Perwyn will support the company’s ambitious next phase of growth as strategic investment partner, with specialist expertise of working with ambitious technology companies.   

The business, a known leader in property technology and pioneers of the Modern Method of Auction and the UK’s first end-to-end onboarding and conveyancing platform, is already working with over 6,000 UK Estate Agency branches to help them accelerate their success.    

Co-Founders Ben Ridgway and Jamie Cooke, alongside the management team, will retain majority share and continue to drive forward their mission to modernise the property industry and deliver on their vision to provide an ecosystem of innovative solutions for Estate Agents across the UK. 

Ben Ridgway, Co-Founder at iamproperty, commented: “2023 has been a fantastic year for the business and we’re incredibly proud of our team.

“This includes our successful growth partnership with LDC since 2019 and we thank them for supporting the business through what has been a very exciting period of organic growth and acquisitions in the last four years. 

“With Perwyn now at our side we are entering 2024 with even bigger ambitious plans to lead the way in our sector.  There is a great synergy between our teams, and we excited to realise our vision with their support, investment and expertise.” 

Gurinder Sunner, Partner at Perwyn, added: “We have been hugely impressed by the iamproperty team’s transformative approach to auctions. Their differentiated strategy for market engagement has enabled them to forge a market-leading business in a growing sector.

“Perwyn is delighted to invest in the company, endorsing its vision for an interconnected ecosystem, and we are excited to partner with the team to facilitate the next phase of expansion as the business continues to scale.”

By Matthew Neville – Senior Correspondent, Bdaily

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