Estate agency proptech Reapit is increasing its investment in technology by more than £20m as it looks to accelerate development across its platform, consumer technology and artificial intelligence.
The additional spending forms part of Reapit’s existing research and development programme rather than a new external capital injection from its private equity backer Accel-KKR.
Reapit says the commitment will take its overall investment in innovation to more than £40m as it develops technology designed to help estate agencies improve customer engagement, automate processes and identify new business opportunities.
The company, which has worked with estate agencies for more than 25 years, believes AI will increasingly change the way agents manage relationships with buyers, sellers, landlords and tenants beyond individual transactions.
CUSTOMER RELATIONSHIPS
Reapit’s strategy centres on combining its existing agency platform with Reapit Home, its consumer-facing portal, and an intelligence layer designed to identify customer behaviour and potential future requirements.
It believes this could enable agents to retain relationships beyond an individual sale or letting and identify opportunities to engage with customers earlier.
Mark Armstrong (main picture, inset left), Chief Executive Officer at Reapit, says: “This investment is both a validation of that journey and a commitment to the future.
“It enables us to accelerate innovation even further, empowering estate agencies with the intelligence and consumer experiences they need to deliver outstanding outcomes for the customers they serve.”
AI INVESTMENT
Reapit says its longer-term ambition is to give agencies a more complete view of customer relationships, transactions and interactions, with AI used to identify opportunities, automate processes and personalise communication.
Matt McGown (main picture, inset right), Chief Product Officer at Reapit, says: “We are putting more than £40 million a year behind making sure the agencies who backed us are the ones leading this market in 2030.”
Accel-KKR, a technology-focused investment firm and existing Reapit backer, says the new funding reflects its belief that established data, workflows and customer relationships will become increasingly valuable as AI adoption accelerates.
Park Durrett, Managing Director at Accel-KKR, adds: “The AI era will not be won by those with the newest technology alone. It will be won by those with the strongest foundations and the ability to innovate at speed.”
