Saturday, June 3, 2023
Home Tech News Proptech Coadjute secures £6m to put house buying on the blockchain

Proptech Coadjute secures £6m to put house buying on the blockchain

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.”

- Advertisment -

Most Popular

How to vote in the Alberta election

Albertans have many options when it comes to how they cast their vote.Voters may choose between advance polls, special ballot and voting on election...

This sex toy makes my life so much more pleasurable – not just in the obvious way

I was first introduced to sex toys when I was a teenager. It was my 16th birthday and two of my male friends thought it...

‘They’re afraid their AIs will come for them’: Doug Rushkoff on why tech billionaires are in escape mode

Interview‘They’re afraid their AIs will come for them’: Doug Rushkoff on why tech billionaires are in escape modeEdward HelmoreThe leading intellect on digital...

Meet Samsung’s man on a mission to help the world sleep better

Good sleep and good health are closely linked (Picture: Getty/iStockphoto)It’s fair to say there weren’t many positives to come out of the pandemic, but...