Street Group has secured a strategic growth investment from Hg that values the U.K. property technology company at more than £200 million.
Financial terms of the investment were not disclosed. Co-founders and co-CEOs Tom and Heather Staff will remain the company’s majority controlling shareholders and continue leading the business.
Based in Manchester, Street Group develops vertical software and AI products for residential estate and letting agencies.
Vertical software is built for the workflows and requirements of a particular industry. Street’s platform supports activities such as property management, customer relationship management, lead generation and communication between agents, buyers, sellers, landlords and tenants.
Its products include Street.co.uk, a customer relationship management platform for estate and letting agents, and Spectre, a prospecting and lead-generation system.
Street also offers a growing portfolio of AI-native products. These include Cortex, which enables customers to create and coordinate AI agents for specific real estate workflows.
The company serves thousands of estate and letting agency branches across the U.K. and has expanded its workforce to more than 200 employees. Street Group was founded in 2015 by the Staff siblings.
Street plans to use Hg’s investment and operational resources to accelerate product development, deepen its AI capabilities and expand its position in the U.K. residential property software market.
The company is seeking to become the primary software and AI platform used by estate and letting agents as the industry moves away from older, fragmented technology systems.
Hg specializes in investments in European and transatlantic software and technology-enabled services companies. The firm has more than $110 billion in assets under management, and its portfolio includes approximately 60 companies with an aggregate enterprise value exceeding $190 billion.
Hg believes Street’s products have become closely embedded in the daily operations of its customers, creating opportunities to introduce additional tools and increase adoption across the company’s existing user base.
Street was previously backed by Manchester-based venture capital firm PXN Group.
Alvarez & Marsal advised Street Group on the transaction.
KEY QUOTES:
“We built Street to fundamentally change how estate and letting agents work, and AI is central to that mission.”
“This partnership allows us to invest even more in our products, our technology and our people, while staying true to the culture and obsessive customer focus that have defined Street from the start.”
Heather Staff and Tom Staff, Co-Founders and Co-CEOs of Street Group
“Street is exactly the kind of business we love to back. It’s a category leader with a technical edge, loved by its customers, and is deeply embedded in their daily workflows.”
“Heather and Tom are an exceptional founding team who have built something rare, combining genuine product innovation with accelerating growth, as the industry moves towards them and away from legacy solutions.”
Louis Kinsella, Partner at Hg
“The depth and ambition of its AI capabilities and its culture of innovation were clear to see as we got to know the business, and we were deeply impressed by the strength of Street’s technology and product leadership.”
Conor Stewart, Principal at Hg
