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Fast-growing comparison service LocalAgentFinder has completed a funding round led by an advertising company that is supported by multiple media heavyweights, in the end injecting the company a sizeable capital to the tune of $5.5 million.
The funding came from Scaleup Mediafund, a company owned by, and draws advertising experience from, News Corp Australia, Network Ten, Nova Entertainment and Fox Sports Australia; as well as Australian small cap fund manager Spheria Asset Management.
As a result of the funding, LocalAgentFinder was oversubscribed and has been valued at a pre-money valuation of over $60 million.
Matt McCann, CEO of LocalAgentFinder, said that the funding will help further establish LocalAgentFinder and will provide the company with “strategic optionality in terms of realising [the] future value for shareholders”.
The funding will be intended for assisting advertising, according to Mr McCann, which is a key cost centre for the business.
“The investment from Scaleup Mediafund is a huge vote of confidence in all of the hard work our team has been doing, particularly over the past 18 months, and a strong endorsement of our value proposition,” the CEO added.
“The investment allows us to access discounted media assets, within powerful channels, to strategically promote our message to consumers.”
Michael Lamont, fund manager at Scaleup Mediafund, has called the funding a fantastic opportunity to help grow LocalAgentFinder further, as “LocalAgentFinder is a fantastic opportunity for Scaleup Mediafund to put our media to work and contribute to creating an even larger business”.
The fund manager said: “We will work with LocalAgentFinder over the next few years to ensure that it gets the best outcome that our advertising firepower can deliver.”
The announcement of Scaleup Mediafund and Spheria Asset Management’s funding follows their partnership with Commonwealth Bank.
“The business is focused on capitalising on its market-leading brand, growing agent network and strategic partnerships, like the recently announced partnership with CBA, to get us closer to our goal of making the home selling process less stressful for all Australians,” Mr McCann said.
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