Disruptive digital property company BidX1 has secured investment from private equity house Pollen Street Capital.
The Irish firm is behind a digital platform that enables users to buy or sell property online from any device, anywhere in the world. Since its inception in 2011, BidX1 has facilitated over €1.4 billion in property sales through its digital platform and traditional auctions. The recent injection of capital will be used for rapid international expansion and further acquisitions.
Founder and managing director Stephen McCarthy stated, “We have a clear organic growth strategy for the business and we will also consider joint ventures and the right acquisitions to accelerate our plans.” He added that BidX1 is a complementary platform for traditional property agents and auction businesses seeking to expand their market reach via a leading-edge digital platform for their clients and customers.
McCarthy highlighted the company’s focus on expansion in southern Europe and South Africa. Meanwhile, Pollen Street Capital partner James Scott expressed confidence in the transformative potential of digital auctions in the property market. “Digital auctions are set to transform how institutional and retail property is bought and sold not just in the United Kingdom but around the world,” he said. “The transformation will be profound as vendors increasingly understand the efficiency of the process, and buyers embrace the transparency that is inherent as well.”
BidX1’s acquisition of London-based auctioneers Andrews & Robertson earlier this year marked its entry into the UK market. This move was closely followed by three digital auctions of UK property, where investors demonstrated strong acceptance of the BidX1 platform’s transparency and efficiency.
BidX1’s strategic use of private equity investment and its commitment to digital transformation positions it for significant growth and market leadership in the evolving property sector.