Properr, a PropTech startup based in Wales, has received £850,000 (just over $1m) in funding to launch its UK home purchasing platform.
The round was led by Finance Wales and drew investment from a range of private investors including Ashley Cooper, co-founder and director of Catalyst Growth Partners.
Known as ‘Track My Move‘, the platform will bring together all the parties involved in the home buying process including customers, estate agents and solicitors in an attempt to bring greater transparency.
The firm says it is able to reduce the time it takes to purchase a home from an average of 10 weeks to just two days.
Co-founded by Owen Derbyshire (CEO) and Steve Talbot (CTO), Properr has so far signed up independent estate agents across Wales and is looking to
Derbyshire said: “The current process of buying or selling a house is archaic, inefficient and stressful, with the average transaction taking between 10-12 weeks. Despite it being the biggest transaction most people will ever make in their lifetime, buyers and sellers often experience frustration over the lack of transparency in the process. Meanwhile, estate agents’ cashflow is affected as they don’t get paid until the transaction is complete.
“Track My Move is a big leap forward in transparency and accountability for all concerned. This round of funding allows us to continue our exponential growth to meet the needs of our rapidly growing client base. We’re working with partners and regulatory bodies to ensure the platform works for all parties and meets everyone’s needs from offer through to completion and post-completion. That means our customers are in total control of every element of the transaction and can effectively track their move from day one.”
Sarah Smith, portfolio investment executive for Finance Wales’ technology venture investments team, also commented on the round: “Properr has an enthusiastic, ambitious and proactive management team who are revolutionising the residential property market. They’re supported by a team of savvy property technologists and business development experts. Properr’s strong potential for significant growth and profitability made it a perfect fit for our technology-rich portfolio.”