C4 to take stake in Boomin

State owned broadcaster Channel 4 is set to take a stake in new online property portal Boomin

The state owned broadcaster - Channel 4, Foxtons and the Mortgage Advice Bureau have all agreed to take a stake in Boomin, as the new online property portal seeks fresh funding, according to Sky News.

The new online property portal was established by the Purplebricks' founder Michael Bruce. Bruce is currently finalising the first fundraising stage of £25m for the new online property portal and has also secured investment from DN Capital - the venture capital investor which was one of the early-stage backers at Purplebricks.

Channel 4, is now also set to take a stake in Boomin, as part of a media-for-equity deal that it has deployed with an increasing frequency in recent years.

Sources have said that the broadcaster had agreed to take a stake in Boomin alongside strategic investors including Foxtons and the Mortgage Advice Bureau.

These new investors will be part of the £25m fundraising that could well be extended ahead of its conclusion in the coming weeks, according to insiders.

Boomin also announced yesterday, that the former Virgin Group Chief Executive - Stephen Murphy was to become the company's new chairman.  

According to sources close to Boomin, the new funding is being committed at a £100m post-money valuation.

Boomin has been set up by Mr Bruce and his brother Kenny to challenge existing property portals such as Rightmove and Zoopla.

The new online property portal is said to have divided opinion in the estate agency sector.

Boomin officially launched to the public on 2nd April 2021.

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