SA Home Loans has acquired a 49% stake in PropertyFox, an innovative property startup. The deal is a major vote of confidence from the established industry player both in the sustainability of the digital real estate agent model – and in the local disruptor’s growth potential. PropertyFox will use the cash injection to accelerate growth, develop new tech, ramp up brand awareness and deepen presence across all nine South African provinces.
Worldwide the digital revolution is creating efficient alternatives to the traditional real estate agent model. Recognising the massive potential to shake things up in South Africa, PropertyFox’s founders launched in April 2016 and the firm’s efficiency, transparency and customer centricity have already saved consumers more than R10-million in fees.
The investment is an excellent fit for both companies
– Kevin Penwarden, CEO of SA Home Loans
He adds that, importantly, the firm’s founders Crispin Inglis and Ashley James are young, entrepreneurial and energised. The deal comes after a year-long ‘courtship’.
While PropertyFox will continue to operate as an independent business, the deal will directly benefit both businesses.
PropertyFox will become a strong source of leads for us
Joint founder and CEO of PropertyFox, Inglis says the business has grown rapidly from ‘two guys and a laptop’ to a business that employs 20.
The investment from SA Home Loans will allow us to ramp up growth in 2018, a critical time for the business. We are looking forward to having two SA Home Loans directors on our board and will benefit hugely from their combined 30 years of experience in banking, marketing and home loans.
– Crispin Inglis, co-founder of PropertyFox