Protech firm raises £850,000 to launch new platform
Properr, a Cardiff-based property technology start-up, has just raised £850,000 to launch its new platform aimed at transforming the UK home purchasing process.
The company’s flagship product, Track My Move, brings together customers, estate agents and solicitors into one platform – making buying and selling homes more transparent.
It has aspirations to revolutionise the entire home buying process and slash the standard home purchase transaction time from an average of 10 weeks to two days.
Offered as a one-stop-dashboard, Track My Move helps consumers reduce the stress of buying and selling a home by providing relevant information online and in one place.
The platform can be accessed from any device, and users can find out how their house purchase or sale is progressing. Things are also streamlined for estate agents and solicitors.
Founded by Owen Derbyshire and Steve Talbot, the firm has already signed up a range of estate agents from across Wales, ahead of its national roll-out.
Finance Wales, one of the UK’s largest regional investment companies, led the round along with additional private investment.
Derbyshire said: “The current process of buying or selling a house is archaic, inefficient and stressful, with the average transaction taking between 10-12 weeks.
“Despite it being the biggest transaction most people will ever make in their lifetime, buyers and sellers often experience frustration over the lack of transparency in the process. Meanwhile, estate agents’ cashflow is affected as they don’t get paid until the transaction is complete.
Commenting on the funding win, he added: “Track My Move is a big leap forward in transparency and accountability for all concerned.
“This round of funding allows us to continue our exponential growth to meet the needs of our rapidly growing client base.
“We’re working with partners and regulatory bodies to ensure the platform works for all parties and meets everyone’s needs from offer through to completion and post-completion.
“That means our customers are in total control of every element of the transaction and can effectively track their move from day one.”
Sarah Smith, portfolio investment executive for Finance Wales’ Technology Venture Investments team, said: “Properr has an enthusiastic, ambitious and proactive management team who are revolutionising the residential property market.
“They’re supported by a team of savvy property technologists and business development experts. Properr’s strong potential for significant growth and profitability made it a perfect fit for our technology-rich portfolio.”