Menu visibility control

Video

Events

Startup Surgery

Most Recent

News

Top tech hubs in the Midlands

News

Report: AI and IoT attracted almost half of InsurTech funding in 2016

News

Tech in Cambridge: A successful hub with a marketing problem

Press Releases

Doctor Care Anywhere selected to join the Mayor of London’s International Business trade mission
Doctor Care Anywhere partners with Aetna International to make its virtual doctor service available 24 hours a day to international patients
Starling Bank unveils beta as it begins roll out to first customers

London PropTech firm Nested raises £8m in round led by Passion Capital

Nested team
twitterlinkedinFacebookgoogle_plustwitterlinkedinFacebookgoogle_plus

Nested, a London-based PropTech startup, has raised a further £8m in funding in a round led by Passion Capital.

Tim Bunting, a partner at Balderton Capital; and Rocket Internet’s venture arm Global Founders Capital also contributed to the round. This latest round follows a £1.2m raise in September 2016.

Nested, which was founded in December 2015 and launched in January 2016, enables homeowners to sell their properties.

PropTech firm OpenRent gets £4.4m from Global Founders Capital

It provides a valuation, marketing and sales service, but also guarantees to sell a customer’s property for 95-98% of the market value within 90 days. If they fail to do so, they promise to offer the seller the cash themselves.

If the property sells for a higher price than that previously guaranteed, the difference is spilt with a ratio of up to 70/30 in favour of the property owner.

Co-founder and CEO Matt Robinson, who also co-founded FinTech firm GoCardless, said Nested was helping five people per month sell their homes within a few months of launching.

“This meant we broke even in our fourth month of trading with revenue at an annual run-rate of more than £1m,” he told TechCrunch.

The Nested team aims to reach 100 deals per month in the not-so-distant future. When asked whether the firm will ultimately be able to achieve 1,000 or 10,000 property sales per month, Robinson replied: “Based on what we’ve seen so far, I believe we can.”

Robert Dighero, of Passion Capital, said: “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 Matt 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.”

Enter your email address to receive updates straight to your inbox

* indicates required
Send me news on...
twitterlinkedinFacebookgoogle_plustwitterlinkedinFacebookgoogle_plus

Editor's picks

The Midlands, Birmingham

Top tech hubs in the Midlands
posted 4 hours ago

global

Report: AI and IoT attracted almost half of InsurTech funding in 2016
posted 4 hours ago

cambridge

Tech in Cambridge: A successful hub with a marketing problem
posted 5 hours ago

LiveSmart

HealthTech startup LiveSmart closes £700,000 Seed
posted 11 hours ago

East of England

Top tech hubs in the East of England
posted on March 29, 2017

vidsy

Founders Factory graduate Vidsy lands £1.3m
posted on March 29, 2017