Purplebricks raises $177M

Axel Springer provided the investment

Residential brokerage Purplebricks has secured a $177 million equity investment from Axel Springer for 11.5 percent of the company. The company will earmark $71 million of the investment to speed up its U.S. expansion, according to a company press release.

How it works: When a seller lists their home with an agent from Purplebricks, he pays a flat fee of $3,200. If it sells, he is then responsible to pay a commission to the buyer’s agent. The initial listing fee is not refunded if the home fails to sell.

Welcome to the Big Apple: The UK-based firm already operates in California, and will launch in New York next week. (FT+Inman)