UK-based PropTech platform Nested has nabbed a £36m funding round led by Global Founders Capital.
Nested allows house sellers to receive an advance of up to 97 per cent of the property’s value before it is sold, and the remaining capital after the transaction is complete, minus Nested’s fees. This is to help sellers use the capital to purchase a new home before selling their current property.
The platform helps to list the property, find a buyer and complete the sale, with Nested aiming to sell the house within 90 days. The seller is offered a guarantee price, which is the minimum amount expected to receive for the house. If a house sells below the guarantee, Nested will cover the gap.
With the new capital injection, Nested plans to further its growth, primarily in London, but then expand across the UK.
This wave of funding marks the biggest investment into a European PropTech company this year, according to the company. The new funding comes as the third raised by the company within 18 months, and brings total capital raised to around $50m. Earlier this year the company secured $8m in round led by Passion Capital, and last year it closed a £1.2m round from Passion Capital and Global Founders Capital.
Rocket Internet & GFC co-founder of Oliver Samwer said, “Nested is transforming the U.K. property market and is one of the fastest growing startups 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.”
The UK PropTech sector saw a slight fall in funding in Q3 2017, after the sector had seen a three-quarter rise, following a tiny Q3 for funding in 2016.
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