Big News For Homes.co.nz & Spark

Spark is investing into Homes.co.nz to support its ambitious plans to disrupt the property portal market in NZ.

Spark Backs Homes.co.nz’s Ambitious Property Portal Growth Plans

Embargoed to 5am Friday 28 April:

Spark, through its Ventures unit, has bought a minority stake in Homes.co.nz to support their ambitious growth plans to further disrupt the property portal market in New Zealand.

Jamie Kruger, Chairman and co-founder of Homes.co.nz says he’s excited to have such a significant household brand with a large reach and customer base of its own supporting their vision.

“We’re really eager to help homeowners with decisions beyond just the buy/sell stage of property. Spark is a great fit as they understand the opportunities associated with successfully engaging with Homeowners.”

Why Homes.co.nz?

Homes.co.nz caught the attention of Spark by freeing up property data like sales histories and estimated values on a map interface and quickly growing to 300,000 monthly users in 12 months. A lot of this data was not freely available prior to the nationwide launch ofHomes.co.nz in 2016. The company is also in a healthy state having surpassed $1m in annualised revenue within the first year.

Jamie Kruger, Homes.co.nz Chairman says

“We’ve been blown away by the interest Kiwis have in the property data we’ve freed up. Property records for 1.7 million homes are now viewed 1.6 million times a month.”

Ed Hyde, Spark Ventures CEO says

“We have invested in Homes.co.nz for several reasons. They are well placed to make an even bigger mark in the rapidly growing area of digital services for the home. They have a great team of seasoned New Zealand entrepreneurs and relevant international experience, and we see a lot of potential cross-benefits with some of our other services and customers.”

What Will The Investment Bring Users?

John Holt, CEO and co-founder at Homes.co.nz said the investment will fund the 18 month old business through to a break even position as well as providing significant capacity for accelerating growth.

“Our focus on homeowners who are not buying or selling will increase as we add a wide range of calculators and tools to help manage your home and enhance it’s value. Helping Kiwi’s plan for their longer term property aspirations and significant projects on their current home is all part of our vision of being much more than just a property listings portal”

“Spark Ventures is a great fit for us as an investor as they share an intense interest in making Homes smarter, more liveable and more valuable in the process. We’re connecting with homeowners to support their entire property journey, whether they are just getting started, have plans for a new kitchen, warmer home, or finding that perfect home by the beach to retire.”

Deal Details

Specific details are not publicly being disclosed, but it is a significant investment forHomes.co.nz.

© Scoop Media