Online estate agent, Nested, has received a £120m investment from venture capitalists that include the same people who have backed Spotify, Revolut, and Betfair.
Nested was launched in 2016 by entrepreneurs Phil Cowan, James Turford and Matt Robinson, co-founder of payment business GoCardless.
Its basic premise is that after 30 days of having your property on the market with them, they’ll give you an advance to help you buy your next home. This essentially helps to make sellers ‘chain-free’, cutting out many of the stresses and fears present in the current market.
It’s this innovative model that has attracted the eye of several high profile investors.
Billed as the online estate agent which ‘breaks chains’ for sellers, it’s thought this new cash boost means the company has received almost £200m in investments since being founded.
Although currently only operating within London on properties priced below £1m, the most recent cash injection may help the company expand their reach.
Chief executive Matt Robinson said: “We’re excited to receive the backing from some of Europe’s top venture capital firms who share our vision for fixing the age-old problem of buying and selling homes.
“We are building an incredible team to offer an unassailable service with the most progressive technology in the property industry. This investment will allow us to continue solving the problems that prevent people from moving home with ease.”
Online Agents Still Face Uncertainties
The investment comes as several high profile online estate agents have struggled. In September, one of the longest running online agents, Hatched, closed its doors for good. Then, November started with the announcement Emoov was up for sale and Purplebricks share price was falling.
The level of investment in Nested shows that while the online agency niche may be consolidating, investors haven’t completely lost faith in the model. At least not when an agent comes along with a somewhat unique offering.