PropTech company Nested has raised a staggering £120m to fund its quest to change how properties are sold in the UK.
Northzone and Balderton Capital contributed £20m in equity funding.
The remaining £100m of debt finance was provided by an institutional investor.
Nested will use the cash to scale in and outside of London, as it seeks to launch a series of customer tools.
Launched in 2016, Nested provides a cash advance on the value of the property enabling customers to become cash buyers.
Matt Robinson, CEO of Nested, said: “We’re excited to receive the backing from some of Europe’s top VCs who share our vision for fixing the age-old problem of buying and selling homes. We are building an incredible team to offer an unassailable service with the most progressive technology in the property industry. This investment will allow us to continue solving the problems that prevent people from moving home with ease.”
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Nested says its helped more than 400 homeowners.
Jeppe Zink, partner at Northzone, spoke about the transaction.
“Selling a home is the biggest and most important transaction most people undertake. Yet the sales process remains opaque, with the resulting never-ending property chains becoming the bane of the industry.
“I was immediately convinced by Matt’s vision for Nested to fix this, giving homesellers an accurate view, backed by an advance, of the price they can achieve for their property. This means they can have peace of mind and the freedom to focus on securing their new dream home. I truly believe that Nested can be a fundamental game-changer and we are incredibly excited to be part of the journey.”