Chimni, one of the leading logbooks providers in the UK, is seeking to raise £150,000 to fund its development with an offer that will value the firm at up to £1 million.
Chimni is one of the founding members of the Residential Logbook Association which has been talking to the housing ministry about a national roll-out of logbooks for every home.
The initiative is proving popular with ministers, who see logbooks as a way to speed up and simplify property sales.
Chimni is offering backers 15% of the company through two HMRC-approved tax-incentive schemes, which give investors a 30-50% tax break if they take a stake in early start-up tech firms.
The London-based company wants to develop its website and app, automate more of its information upload processes and launch its first revenue -generating product – a sales pack for property vendors developed in partnership with conveyancing platform SearchAcumen.
The company has been bootstrapped by founder Nigel Walley until now, but he says the business needs more investment to help it develop, including a push to integrate its logbook into the home buying and selling process. This will require integration with both estate agencies’ and conveyancers’ CRM systems.
“We’ve been knocking on industry doors unsuccessfully for three years,” he tells The Negotiator. “But the last six months have delivered real progress in our discussions with government and the industry.
“We now have real projects to work on and integrations to build – hence the new round of funding.
“Because it’s our first fundraise we also have a full complement of SEIS and EIS tax rebate to offer. if anyone is thinking of taking a stake in a property logbook initiative, this is a great opportunity.”