London-based private equity firm Pollen Street Capital Ltd. said it made a strategic investment in BidX1 Auction Ltd. through its managed funds.
Pollen did not disclose the details of the transaction, but The Irish Times reported, citing BidX1 founder and Managing Director Stephen McCarthy, that Pollen Street acquired a stake of between 45% and 50% in the Irish online property bidding platform.
Additionally, the British firm made up to £15 million in additional investment in BidX1 to assist it in expanding into the markets of Greece, Spain and South Africa, according to the publication. McCarthy noted that BidX1 is set to establish an office in Madrid by October-end, while aiming to launch an office in Athens by the end of 2018.
McCarthy told the publication that his company will explore joint ventures and acquisitions as part of its organic growth strategy.
BidX1, which has facilitated the sale of more than €500 million worth of residential and commercial properties in Ireland, could expand its Irish and British team to 100 employees from 70 in the next six months, McCarthy added.