Newcastle tech leader iamproperty welcomes Perwyn as its new private equity partner

A Prominent Property Employer in the North East, Which Began as a Two-Person Venture, Enters Its Next Phase of Expansion with a Multi-Million Pound Injection from a New Private Equity Investor.

Newcastle-based iamproperty, founded in 2009 by Jamie Cooke and Ben Ridgway, has grown from a humble two-person startup to a workforce of over 530 employees. The company recently unveiled Perwyn as its fresh private equity partner as it gears up for its most significant year of growth yet. Located in Arden House, Gosforth, the firm was established to address a market gap by providing a property auction platform that benefits both estate agents and buyers. Over time, it has evolved into a leading property technology company, renowned as pioneers of the Modern Method of Auction, collaborating with more than 6,000 estate agency branches across the UK.

While the specific investment amount remains undisclosed, reports suggest that the deal’s valuation surpasses £100 million. Anticipating a substantial boost in revenue from £55 million to £76 million for the fiscal year ending on October 31, 2023, iamproperty asserts that Perwyn will serve as a strategic investment partner, offering its specialized expertise in supporting ambitious technology firms. Co-founders Mr. Ridgway and Mr. Cooke, together with the management team, will retain a majority share and continue their mission to revolutionize the property industry.

Mr Ridgway said: “2023 has been a fantastic year for the business and we’re incredibly proud of our team. This includes our successful growth partnership with LDC since 2019 and we thank them for supporting the business through what has been a very exciting period of organic growth and acquisitions in the last four years. With Perwyn now at our side we are entering 2024 with even bigger ambitious plans to lead the way in our sector. There is a great synergy between our teams, and we excited to realise our vision with their support, investment and expertise.

“We thank LDC for their guidance, which has supported the business through a very exciting period of growth and development. We’re now looking forward to building on this with Perwyn, as we bring our ecosystem vision to life.”

Gurinder Sunner, partner at Perwyn said: “We have been hugely impressed by the iamproperty team’s transformative approach to auctions. Their differentiated strategy for market engagement has enabled them to forge a market-leading business in a growing sector. Perwyn is delighted to invest in the company, endorsing its vision for an interconnected ecosystem, and we are excited to partner with the team to facilitate the next phase of expansion as the business continues to scale.”