BidX1 to open platform to wider property industry

Updated / Tuesday, 25 Aug 2020 15:45

Enterprise Ireland is supporting BidX1's partnership model through its Agile Innovation Fund

Digital property investment platform BidX1 has secured funding from Enterprise Ireland, following the company's decision to offer a partnership model to other property agents.

Enterprise Ireland is supporting BidX1's partnership model through its Agile Innovation Fund.

BidX1 will partner with traditional estate agents, allowing them to avail of a digital model which has proven resilient throughout the Covid crisis.  

It has created a position in the market, allowing buyers and investors from around the world to complete property transactions online using technology developed in Dublin.

The pandemic has demonstrated the agility and resilience of the model, allowing the company to continue trading in all five markets throughout the lockdown period.

The PropTech company currently operates in the UK, Ireland, South Africa, Spain and Cyprus, with expansion into other European markets planned to meet the demand for an alternative to existing sale processes.

BidX1 said it has long championed an innovative approach to property sales, using technology to bring greater transparency and efficiency to the sale process.

The platform facilitates end-to-end online property transactions, from listing to exchange of contracts. This has meant minimum disruption for potential purchasers, who can access all of the legal documents online, view properties virtually using video walk-throughs or drone footage, and submit deposits and offers through the platform.

The latter is followed by digital contract exchange.

The company had its first online property sale in Ireland in 2015. The most recent phase of development, which is nearing completion, has enhanced the platform's multi-lingual and multi-jurisdictional architecture in advance of further international growth. 

Enterprise Ireland made almost €400,000 available to the company for this project, contributing to an overall investment expected to be in the region of €1m.

Earlier this year, BidX1 announced a partnership with Foxtons, one of London’s leading estate agencies, which has seen the FTSE 250 company offering properties in London and the Home Counties for sale via the BidX1 digital platform. 

In South Africa, BidX1 has been working with Pam Golding Properties since 2018. Pam Golding is South Africa’s leading property group, with a network of 2,000 agents working in over 300 offices across the continent.

Stephen McCarthy, CEO of BidX1

Stephen McCarthy, founder and CEO, said BidX1 is an Irish company with international ambition, and Enterprise Ireland’s backing is an important endorsement of our work to date.

"The calibre of the businesses that Enterprise Ireland support speaks volumes about its commitment to supporting entrepreneurial teams and innovation; we are in good company. 

"The opportunity in the European and African property markets is immense, but so is the sophistication required to take advantage of it. We have built a multi-lingual, multi-currency platform, capable of handling the complexities of varying regulatory & legal environments, allowing a global investor base to transact property from wherever they are in the world," he said.

Carol Gibbons, Manager of ICT and International Services at Enterprise Ireland, said this year has already been an enormously challenging time for so many in business, but the remarkable efforts of companies across Ireland responding to the Covid-19 pandemic has been heartening to see.  

"Through the Enterprise Ireland Agile Innovation Fund, BidX1 has stepped up to develop its unique offering and strengthen the company. I hope other businesses can look to this and be motivated to examine its potential to grow with Enterprise Ireland support," Mr Gibbons said.
 
"We are so pleased to be playing a part in the growth of BidX1 and are looking forward to seeing what is next to come for the company."