The great-great-grandson of construction baron Sir Robert McAlpine is seeking funds to create the “Rightmove of land sales”.
Thomas McAlpine and chief executive Jonathan Williams are seeking £2m of investment to expand Addland, which they launched last year.
It aims to emulate the model of property portals by bringing the fragmented land sales marketplace under one roof.
McAlpine has already attracted £7m of investment from backers including Nathan Coe, chief executive of Auto Trader, and Johannes Huth, the European chief of KKR, the US buyout giant. That funding round valued the business at £17m.
The £2m will be spent on developing new research products as well as supporting the broader expansion. Plans to launch associated services, such as access to finance and insurance, are in the pipeline.
Addland has signed up more than 6,000 users since its launch last spring, including Savills, Knight Frank, Strutt & Parker and Bidwells. Would-be buyers can search for land by its use, size and planning status. Developers can also use its tools to help with their due diligence.
Addland estimates that, from a standing start a year ago, its platform has a 36% share of the market.
