The former US CEO of Purplebricks, Eric Eckardt, has announced a fundraiser for a new online real estate agency, Dwellowner.
Eric Eckardt explained that he might launch his business in the UK – where it could compete with Purplebricks itself.
The business model of New York based start-up Dwellowner is similar to Purplebricks, which has withdrawn from the US. However, Eckardt said there will be key differences.
He said that Purplebricks’ marketing spend in the US had been enormous. Dwellowner will spend less on customer acquisition costs, while cutting commissions in half for buyers and sellers.
Dwellowner has also recruited a number of former US Local Property Experts to the business.
Dwellowner is offering ‘tokens’ rather than shares in the business, targeting $7 million from investors who will be able to buy their tokens in currencies including dollars, Euros or bitcoins.
Eckardt says this is the largest and first proptech fund-raise of its kind.
He said: “Dwellowner is a real estate brokerage powered by technology that provides consumers with a viable alternative to sell their home, saving thousands in commission versus a traditional model while empowering their licensed real estate agents.
“The company is creating a one-stop shop for all services home buyers and sellers need while making the process more transparent, efficient and cost-effective.”
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