Proptech firm Nested lands £8m in funding
Proptech company started by GoCardless co-founder Matt Robinson will use finance to fuel expansion as it targets 100 property sales a month
Nested, a property technology (proptech) start-up has raised £8m in funding from Passion Capital, GFC and a number of angel investors including Tim Bunting.
Launched in January 2016 by Matt Robinson, Phil Cowans and James Turford, Nested is an online agent that claims to offer vendors a guaranteed sale of their property within 90 days for 95-98% of the market value.
If a property is not sold within 90 days, Nested says they give the homeowner the money themselves. Any profit above the guaranteed price is split 70/30 in favour of the vendor.
The company says it is currently seeing five sales a month and will use the funding to expand as it looks to top 100 every month.
Robinson, who previously founded Startups 100-featured GoCardless, commented: “With property transactions in London down by 32% this year, vendors are understandably frustrated and are increasingly attracted to the certainty and security that a guaranteed sale provides.
“Our ability to secure millions of pounds worth of funding just months after starting reflects the high demand among consumers and the recognition that this sector sorely needs to innovate.”
Robert Dighero, founding partner of Passion Capital, added: “Consumers have been crying out for a solution to the pain caused by property chains.
“The success which Nested has already seen in just four months is testament to the combination of a great solution to a real, burning problem and Robinson and the team’s drive and ambition – something we have already seen at GoCardless. We believe they are transforming the way property is bought and sold and are proud to support them on the journey.”