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Novel conveyancing platform launches £100k crowdfund campaign

ExchangeTrain founder Alex Beagrie is offering 14.7% of his company in bid to raise cash for its expansion.

Nigel Lewis

exchangetrain proptech conveayncing

A former estate agent who recently launched a conveyancing platform that will disrupt traditional conveyancing platform has opened a fund raising campaign to raise £100,000.

Alex Beagrie’s campaign on crowdfunding platform Seedrs for his company ExchangeTrain.co.uk values his fledgling 18- month old business at £578,000.

This is based on the 14.75% stake in his company being offered to investors via the Seedrs platform.

Beagrie, 24, worked for several Surrey estate agencies before launching his business, which he says enables agents to earn fees from conveyancing referrals while at the same time offering consumers greater transparency about how a solicitor has been recommended to them.

Solicitors

ExchangeTrain says it has received some 10,000 visits to its website and generated 650 quotes thus far.

“Our experience is that your local estate agent will recommend to you an average of four solicitors when looking to move house,” its Seedrs pitch document says.

“There are over 19,000 property solicitors in the UK each providing a different quality of service, price and turnaround time.”

The Seedrs campaign has so far raised £34,299 since it launched on Friday.

“I’m just very excited to be working with Seedrs during this funding round as they are a fantastic company and its a brilliant opportunity to have more people share in our success,” he tells The Negotiator.

The £100k will be used to fund specific parts of the business’ operations including public relations, website development and Google ads spend to attract more consumers to its service.

February 22, 2021

2 comments

  1. Firstly great to see an entrepreneur, so good luck to Alex. The difficulty here is that there is nothing new or disruptive in this approach. I would struggle to count the number of platforms out there which automate the quote process and then farm out instructions to a conveyancing firm, with the law firm having an API to the platform and data on progress going to the client via a portal. There must literally be hundreds of such systems. They are all a variant of panel management. At Muve, we have argued consistently that panel management does not deliver optimal service to Estate Agents, and it inflates prices to the client. We believe that it is best to deal with a single firm that can offer the front end on boarding, and customer portal, but also, cruclally, employs the lawyers so that it can control the delivery process and quality. Using panel management is rather like eBay whereas the model I am talking about is more like Amazon. Nothing wrong with eBay but you are completely in the hands of the seller as to when you’ll get your package because eBay do not own the deliver process. With Amazon, you have the assurance of total control of the process. As the biggest conveyancing firms get even bigger and capacity ceases to be an issue I can see the panel management model dying out.

  2. Last year alone I dealt with over 50 Proptech companies, and meet 30 potential ‘new’ clients every month who pitch their solutions, from all around the globe and in the UK, on numerous occasions the market capitalisation of the company is discussed, often ranging into the multi-millions. This said I am at a loss how a website can be valued at half a million pounds, especially as many solicitor search engines already exist. True innovation is a brilliant thing, and on the flip side I get to see ‘new’ solutions which create major efficiencies which translate into time saved and cash saved. What is also telling is Seedrs and other peer to peer lenders, and how they attribute value to companies. Doorsteps for example raised over 1M in three raises, two of them on Crowdcube, where it was valued as a 10M business (The Daily Mail in 2019 said it was then an 18M business).It having traded for many years I do not think it has made any profit, as I have never seen a set of accounts I stand to be corrected, perhaps the CEO Akshay Ruparelia can fill in the missing intel.

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