Blockchain network Coadjute has raised £4 million from an investment funding round led by Manchester-based Praetura Ventures, with other significant investors including Reech Corporations Group.
Coadjute is a real-time network built to speed up property transactions and is aiming to be a fast, secure, and standardised way for property businesses to connect and transact by connecting existing systems.
The network utilises R3 Corda enterprise technology, a bank-grade form of Blockchain with particularly high levels of security. By providing a secure, digital way to connect in real-time, the network cuts costs, improves security and efficiency.
This latest round of funds is being used to continue the network rollout and press ahead with their developments for buyers and sellers as well as for the financial services industry.
Dan Salmons, Coadjute Chief Executive, says: “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.”
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, adds: “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.
“We want to help them continue to expand and move closer towards their vision of a connected property industry.”
Both Spicerhaart and Talbots Law, a top law firm based in the Midlands, recently joined the Coadjute network and top 15 mortgage lender Kensington, now owned by Barclays, has just completed a project designed to understand how to best implement Coadjute’s technology.