Channel 4, the state-owned broadcaster, is to take a stake in Boomin, the new online property portal established by Purplebricks’ founder, Michael Bruce.

Sky News has learnt that Channel 4 is investing as part of a media-for-equity deal that it has deployed with increasing frequency in recent years.

Sources said that the broadcaster had agreed to take a stake in Boomin alongside strategic investors including Foxtons, the estate agent, and Mortgage Advice Bureau, the Derby-based network of home loans intermediaries.

The new investors will be part of a roughly £25m fundraising that could be extended ahead of its conclusion in the coming weeks, according to insiders.

Boomin has been set up by Mr Bruce and his brother Kenny to challenge existing property portals such as Rightmove and Zoopla.

Earlier this week, Sky News revealed that the former Virgin Group chief executive Stephen Murphy was to become Boomin’s chairman.

The new funding is being committed at a £100m post-money valuation, according to people close to Boomin.

DN Capital, the venture capital investor which was one of Mr Bruce’s early-stage backers at Purplebricks, is also among the new venture’s shareholders.

Boomin says it has signed up many of Britain’s 100 largest estate agents, including Foxtons, Hunters, Belvoir Group and Carter Jonas.

Mr Bruce left Purplebricks in 2019, prompting its board to unwind many of the strategic decisions made during his tenure.

Its shares are up by more than 165% during the last year.

The new venture is expected to offer a broader range of services than existing online property portals, which have divided opinion in the estate agency sector.

Boomin, Channel 4 and Foxtons declined to comment.

Mortgage Advice Bureau could not be reached for comment.

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