London PropTech startup Nested has raised a new £8m round of funding following on from the £1.2m it picked up in September.
Existing backer Passion Capital led the round with Rocket Internet’s Global Founders Capital also participating.
Balderton Capital partner Tim Bunting also invested in a personal capacity.
The company was founded by GoCardless founder Matt Robinson and uses valuation technology to let sellers get an immediate cash offer on the value of their house.
Nested then aims to sells the house within 90 days with the owner getting 80% of any upside on the original price and Nested taking 20%, as well as a 1.8% minimum fee.
Company CEO Matt Robinson previously said: “The whole property chain and selling process is broken, with sellers complaining about slow lawyers, endless phones calls, untrustworthy estate agents, and of course, being let down by the buyer at the last minute.
“With so much time and effort wasted on the sales process, we set out to solve the problems that trap sellers in a lengthy sales chain and with no guarantee of a sale at the end of it.”
The company will use the new capital to increase its brand awareness and ramp up the number of deals it can carry out.
Launched in January 2016, the company claims it broke even after four months with an annual run rate of more than £1m.
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