Property tech firm Nested lands £36m in funding
Estate agent launched by GoCardless founder will use funding to fuel expansion in London and across the UK
Nested, the Startups 100-featured property technology (proptech) start-up, has closed a £36m funding round led by Global Founders Capital (GFC).
Launched in January 2017 by Matt Robinson – who previously founded Startups 100-featured GoCardless – Phil Cowans and James Turford, Nested acts like a traditional residential estate agent (taking care of valuation, marketing and sales service) but claims homeowners can access up to 97% of the market value, and the rest when it sells.
This allows them to use the advanced funds to buy their next home before their previous one is sold. If the home sells above market value the seller will receive that amount as well (minus fees), and if it sells for less, Nested takes the loss.
The company uses human and machine data analysis to produce accurate valuations and claims that it typically guarantees between 95% and 97% of the home’s target sale price.
The funding follows an £8m round in March 2017, and will be used to fuel further growth in London before expansion across the UK.
Robinson commented: “This latest round of funding is recognition of the demand we’ve seen from home sellers in London.
“We’re already guaranteeing tens of millions of pounds worth of homes each month, and are delighted to be helping so many people with what is one of the biggest transactions any of us make in our lifetimes.”
Oliver Samwer, co-founder of Rocket Internet & GFC, added: “Nested is transforming the U.K. property market and is one of the fastest growing start-ups in Europe right now.
“No other business has an answer to the fundamental lack of certainty in the property market, and this allied to their valuation accuracy and obsession with making it an amazing experience for customers is what will continue to drive their impressive growth.”