BidX1

About BidX1

BidX1 operates a digital property investment platform focused on providing a transparent and efficient process for buying and selling real estate.

The company's origins trace back to 2011 when founder Stephen McCarthy, through his Space Property Group, entered a joint venture with UK auctioneer Allsop to introduce large-scale ballroom property auctions in Ireland. This venture, initially known as Allsop Space, held its first event in Dublin, successfully selling 81 of 82 properties and raising €15 million. Recognizing the potential of technology, the company pioneered Ireland's first fully online property auctions in 2015 and rebranded to BidX1 in 2017, shifting to a digital-only model. This strategic pivot was followed by an investment from Pollen Street Capital in 2018, which fueled international expansion into the UK, South Africa, Spain, and Cyprus.

BidX1's business model revolves around its proprietary technology that facilitates end-to-end digital transactions. For sellers, the platform offers global reach and data analytics, while buyers benefit from transparency, with all bids displayed in real-time. The company primarily serves a diverse client base that includes banks, private equity funds, developers, government agencies, receivers, and private sellers. A significant portion of its inventory consists of repossessed or investment properties, often sold by receivers, which typically attracts cash buyers and investors who can complete transactions within a swift timeframe, usually around two to eight weeks. Revenue is generated through seller fees, which range from 1.5% to 2.5% of the sale price, and a buyer's fee.

The platform lists a wide array of residential and commercial properties. Prospective buyers can access legal documents online to perform due diligence before an auction. The bidding process is designed for fairness; if a bid is placed in the final minute, the clock extends, preventing last-second 'sniping'. Upon the virtual hammer fall, contracts are immediately signed electronically, and the winning bidder pays a deposit. In addition to its direct auction model, BidX1 offers a partnership or 'Joint Agency' model, allowing traditional estate agents to use its digital platform to sell properties, a service supported by funding from Enterprise Ireland.