Testament to the growing demand and phenomenal rise of PropTech, is recent news that Nested, the online portal designed to help people sell homes, recently received £8 million from investors to help expand its business.
GFC, Passion Capital and well-known angel investors have all offered Nested backing, contributing to the £8m of investment designed to help Nested grow.
Nested was founded with a mission to give property sellers the opportunity to sell their home without delay. The PropTech start-up provides valuations of properties within seconds and tailor valuations based on an individual property without having to physically visit the home. The company effectively fast-tacks the sale process by initiating checks and searches on interested buyers so any potential problems can be ironed out quickly, eliminating any time-wasters and generally speeding up the sale of the property.
One of the most unique features of Nested is that it advances cash to the vendor if they require it, even if the property hasn’t sold yet. The cash is secured against the property Nested is selling, by replacing an existing mortgage and paying the vendor the surplus.
Matt Robinson, Nested’s CEO, who also successfully co-founded GoCardless, the payment firm, spoke of how Nested’s high investor attraction is evidence of the need for innovation within the property market.
“Our ability to secure millions of pounds’ wort of funding just months after starting reflects the high demand among consumers and the recognition that this sector sorely needs to innovate,” said Matt Robinson.
Robert Dighero, Passion Capital’s founding partner, reiterated Robinson’s remarks that the success of PropTech companies is testimony to the need for change and innovation within the property industry.
“We believe they [Nested] are transforming the way property is bought and sold and are proud to support them on the journey,” said Dighero.
From technology ‘big boys’ to start-ups, PropTech is enjoying high levels of investment in the UK right now, evidential of the escalating prominence of the prop-tech industry itself and the demand for a more agile and innovative property sector.