Online estate agency Yopa has named industry veteran Grenville Turner as its chairman, as it unveiled a new funding round worth £16m.
The hybrid agency said it has received the cash injection from existing investors Savills and DMG Ventures, the venture capital arm of the Daily Mail Group.
Yopa said the fresh funding will be used to accelerate its growth through investment in customer service and tech, and to boost its local market share.
Turner, former chief executive of Countrywide and director at Rightmove, will join as chairman with immediate effect, replacing co-founder Daniel Attia.
It is the latest in a string of personnel changes on the board of Yopa, which has grown rapidly in the last three years but is yet to turn a profit.
Yopa’s losses have deepened to £32m, according to its latest accounts, while investor LSL Property earlier this year announced a huge writedown on its stake in the firm.
“This latest funding round from existing backers is a clear recognition of Yopa’s significant growth potential, the fantastic work the team has done to lay strong foundations for that growth and Yopa’s unwavering commitment to our customers,” said chief executive Ben Poynter.
Turner added: “I look forward to working with the management team, drawing on both my traditional estate agency background and hands on experience in transitioning tech start-ups into their ascendancy.”
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