Nested, the estate agent cum bridging loan broker wrapped into one, says its turnover is forecast to increase to £10m from £3m last year, or 230%.
The company also says it is planning to expand its operation outside of London before the end of the year and that an IPO on London’s AIM stock market could be in the offing.
Often portrayed by its colourful CEO and GoCardless founder Matt Robinson (above) as a digital disruptor in the property sales market, it both markets vendors’ properties like an estate agent but also offers them 93-97% of its estimated value to enable them to buy their next property before selling the first.
Reinvent estate agency
“I want to be in this business for the long haul. I want us to build a trusted consumer brand that reinvents estate agency,” says Robinson.
Nested makes its money by charging a fee of between 2% and 3.5% of the property price depending on how fast the house or flat sells and for how much.
But the company has a long way to go before it gains volume. Nested says it has sold more than 200 homes since it launched in January 2017. In October last year it raised £37 million, the largest funding for a European proptech firm that year. It has raised £50 million so far in total from investors.
The company faces several headwinds, including consumer lack of knowledge about its non-standard home moving model, and that if a property sells for a lot less than the among of money advanced to the customer, Nested takes the loss. The company also has a hefty headcount with 80 staff.