Nested
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Features
Promising proptech
Rachel Duncan, Director in the Property Team at lawyers, Boyes Turner, reviews some of the hot new proptech companies currently vying for agents’ attention.
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Latest property news
Nested tells 20% of staff to leave and Brexit takes the blame
Despite recently reporting a ‘record year’ and a further £10m investment, co-founder of Nested, Matt Robinson, confirms the departure of 15 staff.
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Latest property news
Could it finally be working? Nested forecast to triple turnover this year
Estate agency cum bridging loan company Nested is set to triple its turnover to £10 million this year, but has still only sold 200 homes so far.
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Latest property news
Nested wins £37m more funding to expand out of London
Nested, the estate agent that advances up to 97% of a vendor’s asking price before they sell, has raised £36m in funding from venture capitalists. This is the largest funding round in Europe to date this year for a proptech firm and, added to the £11 million it has already raised during the past 18 months, Nested has so far raised £47 million to fund its unusual mix of bridging-loan style finance and estate agency sales. Billed as the agency that ‘helps you buy your new home before you’ve sold your old one’, Nested received it latest round of cash from a German VC called Global Founders Capital and now claims to have guaranteed “tens of millions of pounds” for vendors. It also says it will be selling between five and ten percent of all London’s property for sale “in the next year”. Launched in January this year, the extra funding is down to the firm’s “aggressive growth” in London, although it is planning to use the new cash to move out into the rest of the UK soon. On Rightmove the company has 84 listings of which six are listed as sold STC and 19 as under offer. Nested…
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Latest property news
Agents don’t get proptech
Just five per cent of property businesses consider themselves technologically advanced, according to research by Qube Global Software.
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Latest property news
UKPA launch will support PropTech businesses
The UK PropTech Association (UKPA) will support businesses and individuals working within the PropTech industry.
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Latest property news
Hybrid bridging-lender-cum-agent Nested wins £8m of new funding
As if agents needed more competition from digital start-ups, a company called Nested that offers to buy a client’s home if a buyer can’t be found has won a fresh £8 million injection of cash. Launched 14 months ago, Nested promises vendors that it will sell their homes via its own listings on Rightmove and Zoopla within 90 days or provide them with an interest-free loan to buy their next property. Nested is chasing the 40% of home movers in the UK who do not have a mortgage and therefore find it frustrating when they caught in lengthy buying chains. Hefty fee There are some catches to the deal. Nested guarantees to sell a vendor’s property, but only for 95-98% of the asking price in return for a hefty 2.5% sales fee. If the property is sold for more than the valuation range, it splits any ‘profit’ 70/30 in favour of the lender. But if the property does not sell, Nested then takes out a first-charge mortgage on the property and advances the necessary cash to enable the vendor to move home. When the property sells, the ‘bridging’ mortgage is then cleared. “There are lots of people in this situation and…
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