Online estate agency Purplebricks has raised £50m through a share placing as it looks to fund its expansion into the US market.
The firm placed 22.7 million shares with new and existing institutional investors. The shares were priced at £2.20 each.
Purplebricks will use the cash to launch in a “number of key states” in the US.
Michael Bruce, group chief executive of Purplebricks, said: “Our customer proposition of high quality service and value, delivered through the combination of technology and people, is driving irreversible change in the UK and Australian markets.
“We are confident that with our understanding of the US market and our experience from having already launched in two markets Purplebricks can build a significant business in what could be one of the most fascinating and rewarding real estate markets in the world.
“As with our UK and Australian launches we will adopt a state-by-state roll out strategy. The funds raised through the placing will not only be deployed to build the Purplebricks brand in the US but, also, the people and infrastructure needed to manage rapid growth in that market.”