The money will be used to scale in and beyond London, and launch a number of customer tools and services that, along with their unique advance, will redefine how consumers sell their home.
Nested announced this past weekend that they raised £120m of new funding, consisting of £100m of debt and £20m of equity finance, bringing total funding to date to £165m. We're delighted to be part of this fundraise, alongside Northzone (backers of Spotify and Zopa).
Nested’s fundraise is the largest investment in a UK PropTech company this year.
The money will be used to scale in and beyond London, and launch a number of customer tools and services that will continue to redefine how consumers sell their home. Launched in 2016, Nested is the first estate agent to make homesellers chain-free. The company provides a cash advance on the value of the property enabling customers to become cash buyers, which speeds up the process of moving home.
We first met Matt Robinson, co-founder and CEO, when he was a founder of portfolio company GoCardless, and the team incubated Nested at Balderton's HQ. Other founders are Phil Cowans (former Songkick CTO) and trained architect, James Turford.
Of the fundraise news Matt said: “We’re excited to receive the backing from some of Europe’s top VCs who share our vision for fixing the age-old problem of buying and selling homes. We are building an incredible team to offer an unassailable service with the most progressive technology in the property industry. This investment will allow us to continue solving the problems that prevent people from moving home with ease.”
Nested is an estate agent with a difference. It provides homesellers with up to 94% of their home’s value when they need it and the rest when it sells, helping them to secure their dream home and providing certainty in an uncertain market.
Nested does all the work of a traditional estate agent, but unlike other agents it provides additional value-add services including; experts at every step of the process including a dedicated progression team, data-driven, transparent valuations, and an advance of up to 94% of the market value. If the home sells above this amount the seller will receive that too (minus their fees) and if it sells for less, Nested will take the loss.
The company has experienced rapid growth, helping over 400 home-owners during a period of market uncertainty which saw home sales fall 12% over the last year and 61% of London homes withdrawn from the market without selling , an effect of a slowing market in anticipation of Brexit.
