Settled, a London-based property tech startup, has closed a £1m seed funding round to expand operations and disrupt the real estate sector, thought to be worth £3.5bn.

The round was led by 500 Startups, a global venture capital seed fund and startup accelerator based in Silicon Valley.

Matthew Lerner, partner at 500 Startups, said: “Across our portfolio we see property tech companies making big waves. And residential real estate in the UK presents a great un-tapped opportunity for great start-ups. We are looking forward to watching Settled continue to grow.”

The company, which removes the dependency on estate agents and instead allows homeowners to sell their property online, will use the funding to expand its service and reinvent the way homes are sold and purchased.

Speaking about the investment, Gemma Young, CEO and co-founder of Settled, said: “Interestingly the existing hybrid services or online agencies are overwhelmingly run by ex estate agents.

“By contrast we are a tech company, dispelling the myth that consumers must rely on ‘expert middlemen’ to help them sell or buy property,” she noted.

Since launching earlier this year, Settled claims to have helped customers sell over £50m worth of property.