A two-year-old proptech platform that helps vendors and property developers identify the ideal estate agent to sell their property has raised a further £600,000 in funding from three new investors, taking its total raise to £1.1 million.
Many of its backers both in this most recent round of funding and its previous one last year have connections to big players in the world of digital property technology.
Its original seed investors included William Reeve, who is CEO of Goodlord, and Doug Munroe, who until recently was COO of Zoopla.
The latest round of funding comes from Simon Franks who with Zoopla’s former CEO Alex Chesterman helped found LoveFilm.com, plus existing backers Paul Forster and VC firm Hambro Perks.
Movewise inserts itself between vendors and estate agents and takes a 0.25% fee for managing the sale, which is then added to the 1% charged by the agent involved.
The company says its technology can speed up the home-selling process by several months and results in a 3% higher price on the sale.
Tom Scarborough, CEO (pictured, above), says: “Selling the most valuable asset you’ve ever owned shouldn’t be left to luck. Movewise is here to professionalise property sales for everyone”.
Nick Sharp, manager of the Hambro Perks Growth EIS Fund, says: “They provide a core service that is a superior way to sell a property for everyone, and a scalable market position that can digitise property sales with any estate agent in the UK. This is a very exciting solution to a legacy industry.”
Movewise employs two former estate agents – Kirsty Burnham, who for 20 years worked at a senior level within Douglas & Gordon and Jack Smith, a former Connells sales negotiator.