UK PropTech startup Settled has raised £1.2m in funding in a round led by Connect Ventures and Piton Capital.

The company will use the money to continue developing its property transaction platform and to grow its user base.

Since launching last year, Settled says it has sold £250m worth of homes, claiming to have saved customers a total of £5m in estate agency fees.

CEO and co-founder, Gemma Young, said the team was passionate about creating a platform that would empower consumers wanting to sell or buy a home, and looked to make the process more straightforward.

“Think about what’s been achieved when companies like Uber applied fixes to the taxi industry allowing us, now, to travel at the click of a button. We all strive to own our own home and to move along the property ladder but we tend to dread the processes we have to go through to get there.

“We’re focused on tackling the problems; creating a next-level approach to buying and selling homes which will help everyone feel more ‘Settled’,” she added.

Sitar Teli, a partner at Connect Ventures, said he was excited to back the firm.

“It’s already demonstrating the power of software to transform the experience of selling and buying a home and we think its platform will shape next-generation transaction models in property.”