Startups

Property Tech Startup Nested Scores £8M

Technology startup Nested has built a platform that boasts the ability to allow homeowners to sell properties at a fair price within 90 days.

Founded in 2016, the U.K.-based startup, which currently operates in London zip codes only, just recently scored additional funding to the tune of £8 million ($9.88 million) in a recent venture funding round led by Passion Capital.

Additional participants in the funding round came from Balderton Capital and GFC, among others. To date, Nested has reported raising a total of £9.2 million ($11.4 million) in two funding rounds.

Like a traditional realtor, Nested provides its users with a property valuation, as well as inspection, marketing and sales services. Unlike a traditional real estate agency, Nested banks on buyers who are looking for a speedy sale over longer wait times for a marginally higher selling price.

Nested offers a guarantee to its users that it will be able to sell their property within 90 days for between 95 to 98 percent of its market value. If Nested is unsuccessful within 90 days, they’ll advance payment for the property themselves.

Additionally, if Nested is able to secure a property sale for higher than its price guarantee, the customer will receive an additional 70 percent of the difference between the guarantee and the sale price.

After just a few months in operation, Nested has reportedly started seeing its popularity grow with consumers.

“We are already helping five people a month within a few months of launching and have many more in the pipeline,” Nested Co-Founder Matt Robinson told TechCrunch. “This meant we broke even in our fourth month of trading, with revenue at an annual run-rate of more than £1 million.”

Nested’s next goal is reportedly to reach some 100 deals per month, with its sights set on even loftier goals in the future.

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