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The brand has also named new board members and outlined its expectations for future growth.
Spearheaded by co-founder and chief executive Dan Argent, and through the support of 29North co-founders Ross Hayward, Ben Korst, and Brendan Larsen, the aim of the fundraising is reportedly to propel UrbanX’s growth trajectory, with the group revealing its aim to work with 20 per cent of the top 20 per cent of agents across Australia and New Zealand by 2030.
According to a statement from UrbanX, the funding will also enable the next stage of the group’s IT platform.
Joining the investment round alongside 29North was Archie Douglas, who had co-founded PRD Nationwide. According to UrbanX, Mr Douglas is now backing “the future of real estate” – and is set to chair the UrbanX board.
Oliver Talbot, an M&A lawyer, will join UrbanX as non-executive director, while self-confessed “IT expert” Gordon Tan, who also participated in the fundraising, will join UX as CTO.
With the successful funding round aligning with the brand’s recent growth across Queensland, NSW, Victoria, Tasmania and the Northern Territory, the group has shared it will also soon be launching in the ACT.
Having spent a decade within the traditional model himself, Mr Argent has acknowledged the need for a “better way” to do real estate.
“By cutting out the middlemen, the agents we work with have their own independent businesses but without the usual hassles of running the business, including having to manage their own trust accounts,” he shared.
“Most agents don’t get a salary; they work on a commission-only basis, but when a commission comes in, the franchise takes 8 to 10 per cent and the agency takes another 40 to 50 percent, leaving agents getting only 25 percent after tax and superannuation is deducted.”
ABOUT THE AUTHOR
Grace Ormsby
Grace is a journalist across Momentum property and investment brands. Grace joined Momentum Media in 2018, bringing with her a Bachelor of Laws and a Bachelor of Communication (Journalism) from the University of Newcastle. She’s passionate about delivering easy to digest information and content relevant to her key audiences and stakeholders.
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