Harry Stebbings-backed proptech Ostrich shuts

A London-based proptech startup, backed by the VC and podcaster
Harry Stebbings, which has raised nearly $4m in funding, has shut down. Ostrich, founded in 2021, was looking to disrupt the property
market.

Looking to take on estate agents, Rightmove and Zoopla, its
property marketplace allowed buyers to access properties before they were
marketed for sale.

It allowed homeowners to privately pre-market their homes up to
five years ahead of moving, while buyers could tempt owners to sell earlier by
submitting indicative offers.

The idea was to give homeowners and buyers more options, in a
UK market where only two per cent of homes are actively for sale.

The startup had attracted tens of thousands of registered
buyers and thousands of sellers, but a source close to the startup said it had
failed to grow at its expected rate.

The startup raised $3.98m in early-stage funding, with
investment coming from Stebbings’ 20VC and proptech Era Ventures, according to
PitchBook.

The startup is understood to have over 10 employees. It is
unclear what is happening to the employees.

The startup was founded by serial entrepreneurs Richard Foister,
Duncan Jennings and Max Jennings.

Their previous startups include the discount website
VoucherCodes and family activity app Hoop.
A message on the homepage of the Ostrich website says it has
closed.

IMAGE:PIXABAY