Coadjute raises further £4m as they prepare to expand network across the property market
Coadjute announces that it has raised a further £4m in their preparation to expand their network across the property market.
Coadjute, the blockchain network for the UK property market that aims to transform the ease and speed of home purchasing, has announced a £4m investment funding round.
As Coadjute’s deployment across the UK property market continues to expand, this latest backing has been led by Manchester-based Praetura Ventures, with other significant investors including Reech Corporations Group.
Coadjute are using the new funds secured to continue the network rollout and press ahead with their developments for buyers and sellers, and for the financial services industry.
The investment comes despite a background of a 38% reduction in investment in PropTech investments globally last year, signifying the confidence Coadjute’s investors have in the company’s proposition and success to date.
Dan Salmons, CEO of Coadjute, said:
“Industry leaders are increasingly talking about a truly digitised the property market, but can’t imagine how that gets delivered.
“Coadjute have been investing in the technology that enables that future, everything from up front information to smart contracts, digital identity to synchronised settlement.
“Customers are routinely astonished how far ahead we are – we can do what many think is still science fiction.
“The latest funding round shows the confidence of our investors, and we look forward to sharing some exciting developments in the coming year.”
This round takes the total raised by Coadjute to £14m, following a £1m Pre-Seed round in 2019, £3m Seed round in 2020 and £6m round in 2021.
David Foreman, Managing Partner at Praetura Ventures, added:
“Unlike other PropTech companies, the key to Coadjute’s success is collaboration with incumbent players and using their platform to connect all the stakeholders involved in the sale of a property.
“Their proposition is unique to the industry. We want to help them continue to expand and move closer towards their vision of a connected property industry.”
Coadjute has announced it has welcomed a host of leading property businesses on the network. Recent announcements include the largest independent residential sales and lettings estate agency group Spicerhaart and Talbots Law, a top law firm based in the Midlands.
Top 15 mortgage lender Kensington, recently acquired by Barclays, has also recently announced it has completed a project designed to understand how to best implement Coadjute’s technology. The sandbox project proved to be hugely successful, with the lender now exploring next steps towards going live on the network.
Kindly shared by Coadjute
Main article photo courtesy of Pixabay
