London proptech firm Nested nets £36m
Nested, the estate agent that helps you buy your new house before you’ve even sold your old one, has raised £36m in its latest funding round led by Global Founders Capital.
The funding represents Europe’s largest PropTech investment this year and is the third round of funding secured by Nested within 18 months, bringing the total amount raised to £47m.
Nested, which launched in January 2017, is an estate agent that provides home sellers with up to 97% of their property’s value when they need it, and the rest when it sells.
The home seller can thus use the funds advanced by Nested to buy their next home before selling their old one.
Nested will market the home, find a buyer and, irrespective of how long the sale takes, the home seller will receive the total sale amount of the home (minus Nested’s fees) upon completion.
In doing so, Nested breaks property chains and gives vendors the same market power as cash-buyers.
The company was co-founded by established entrepreneur, Matt Robinson, who previously co-founded the successful online payments company, GoCardless.
Robinson said: “This latest round of funding is recognition of the demand we’ve seen from home sellers in London.
“We’re already guaranteeing tens of millions of pounds worth of homes each month, and are delighted to be helping so many people with what is one of the biggest transactions any of us make in our lifetimes.”
He added: “Anyone who has ever sold a home in the UK knows that the system is broken. The typical sale involves months of stress with 1-in-3 sales falling through.
“Worse still, home sellers don’t know the only two things that matter - how much they will sell for and when they will receive the money - until after their property is sold.
“With Nested, both of these are guaranteed from day one saving sellers months of stress without needing to compromise on end sale price.
“We fully anticipate being people’s preferred way to sell their home in the coming years. Based on current demand, we expect to be doing 1% of London home sales in the next few months and 5-10% in the next year.”
With this new funding, Nested plans to continue its aggressive growth, initially within London and in the near future expanding across the UK.
Launched in January 2016, Nested was founded by entrepreneur and former McKinsey consultant Matt Robinson, alongside ex-Songkick CTO Phil Cowans and trained architect James Turford.
Published: 24 October 2017