Property Partner nets £15.9m in Series B funding
Startups 100-listed property crowdfunding platform has ambitions to create a global stock market for residential property
London-based property crowdfunding site Property Partner, among the UK's top 100 start-ups, has secured £15.9m in a Series B round led by Octopus Ventures with involvement from Index Ventures, Dawn Capital, and Silicon Valley Bank.
Launched in January 2015 by Daniel Gandesha, Property Partner enables investors to buy share of properties and receive dividends in a model which imitates the stock market and says that investors earn an estimated return of 13% per year, after fees.
The start-up has attracted over 6,000 customers which have together invested more than £24m in 166 properties
It intends to use the investment – which takes its total funding to date to £22.5m – to “make property investment accessible to all” by expanding its tea, adding new products such as shared ownership and to develop its customer base into new segments.
“This significant investment is a huge vote of confidence in our business model, and our vision for making the property market better for everyone. These funds will help propel us towards our ultimate goal – that of being a global stock exchange for property.”
Octopus Ventures investment director, Jo Oliver, said Property Partner is “leading disruption” of the property market: “The £5.75 trillion UK property market, with the exception of pioneers such as Zoopla, has been slow to embrace technology.
“Through its combination of technology, business model and excellent management execution Property Partner is dramatically increasing and improving the accessibility of property as an investment asset class. Octopus Ventures is delighted to be leading the current investment round to help Gandesha and his team fulfill their vision of being the world’s leading stock exchange for property.”