Akshay Ruparelia’s fast-expanding online estate agency launched a second crowdfunding round this week – and smashed its £400,000 target within seconds of the offer going live.
Doorsteps.co.uk has gone from strength to strength since its launch almost two years ago: by the end of 2017, it had listed more than 3,000 properties, or nearly 1% of the UK market.
Akshay (OE 2009–2016) made national headlines last year after the first fundraising, with the young entrepreneur’s age attracting journalists’ admiration. Now, as Chief Operating Officer and joint founder, he is fronting the fundraising drive, which will pay for more staff and additional investment in technology as the company grows.
“We are absolutely delighted to have hit 140% of the target within less than 30 seconds of going live,” said Akshay. “We will continue to overfund, allowing more aggressive expansion and a clearer path to becoming No.1 Estate Agent in Britain, so there is still an opportunity for Old Elizabethans to make an investment.”
In a promotional video on the Crowdcube crowdfunding site, Akshay explains the company’s core approach of offering its customers low prices, good service and a simple process. He also outlined Doorsteps’ philosophy of achieving growth through recommendation, rather than heavy spending on advertising. “Our online reviews just get better and better,” he adds.
“Our target for this year is 2% of the UK and I am pleased to say we are on course for just that – but we need to hire more account managers, more customer service agents and employ just a little bit of technology to help us cope with the level of demand, hence this fundraising.” Equity of 3.26% was offered for the £400,000 sought through crowdfunding.
Akshay revealed a little of the estate agency’s future plans. “We want to continue the Doorsteps way and offer even more services to make the house-buying and selling process even easier. Sadly, I cannot reveal all because we know that our competitors are watching, but I can say that we recently launched Doorsteps Conveyancing and Mortgages to make the process seamless.
“Last July we were in the top 50 estate agents in Britain; today we are in the top ten. Trust us again and help us to finish the job: let’s get to Number 1!” he tells potential investors.
• The fundraising continues on Crowdcube for another 28 days. Akshay is happy for alumni to contact him directly on akshay@doorsteps.co.uk