Coadjute, a London-based proptech company that digitally connects the UK property market, has raised £6m in a pre-Series A funding round, bringing its total funding to date to £10m.
The round was led by Manchester-based Praetura Ventures. Three US institutions, including Collab+Currency, The LegalTech Fund, and Rocket One Capital, also backed the proptech startup.
As part of the funding announcement, Praetura Ventures’ operational partner, Colin Greene, joins Coadjute’s board as a non-executive director.
The latest funding will enable Coadjute to roll out its blockchain network across the UK in the next two years.
Its platform brings existing software used by estate agents into one place. It uses distributed ledger technology to create an immutable record of property transactions that take place on its platform.
The company is also planning to expand its sales and marketing activities and operational team and bring mortgage brokers and lenders onto the network.
Additionally, Coadjute plans to introduce new services such as the movement of digital identities, mortgage funds, and property titles over the network. The funding follows a £3m seed round last year and £1m pre-seed round in 2019.
Founded by John Reynolds, Mark Adams, and Sanj Bulsara in 2018, Coadjute offers an open network that connects parties involved in property transactions using blockchain. The startup claims this can reduce costs and increase the speed of property deals.
Dan Salmons, CEO of Coadjute, said: “Whilst there have been many attempts to improve the property process, at heart the challenge is that the many systems involved are not interoperable. Adding yet more platforms, more hubs, more databases just don’t solve that.”
The company made its first live transaction earlier this year for a 4-bedroom bungalow in Kent, which went live on the network in July 2021 and was completed in 9 weeks.
Salmons added: “Coadjute have shown we can now connect multiple existing systems, securely, in real-time, and since our first transaction in July the demand has been phenomenal. With the strong backing we have from Praetura Ventures and our other international investors we will now start to roll out our network across the UK market. The revolution in how property transactions are done has started”.
Coadjute says nearly 70% of all estate agents in the UK are using a platform that’s connected to Coadjute. In September, the company announced its intention to work with banks to move funds across the network using “mortgage stablecoins.”