PropTech company Nested, which offers vendors a guaranteed sale of their property within 90 days, has won further backing from investors with £8 million secured in its latest round of fundraising.
The start-up, which has been trading for just four months, was founded by established entrepreneur, Matt Robinson.
Nested provides the same services that a traditional agent offers but guarantees to sell a property for between 95-98% of market value within 90 days, or they will give the home-owner the money themselves. If Nested achieves a higher sale price, either before or after the 90 day window, the profit is split up to 70/30 in favour of the vendor.
Matt Robinson, CEO of Nested, said the company will use the funding to expand its venture.
“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,” Robinson said.
“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. After just four months we are processing five sales a month, and have demand for far more – I see no impediment to us doing 100 sales per month or more by the end of the year.”
Nested received the £8 million funding from investors including Passion Capital and GFC, who have an established reputation for investing in fast-growing tech start-ups. Other prominent investors include Tim Bunting, who backed GoCardless and is investing in Nested in a personal capacity. The investment is led by Passion and headed-up by founding partner Robert Dighero.