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Coadjute Secures £ 6m Seed Follow-on Investment Led by Praetura Ventures – UK Tech Investment News

Coadjute raises another £ 6m to deploy Blockchain The entire UK real estate market

In the latest round, the total raised by Coadjute will be £ 10 million. Former Apple executives have joined the board as additional US investors have turned their eyes on the international market.

CoadjuteThe blockchain network for the UK real estate market, aimed at transforming the ease and speed of home purchases, has announced a £ 6 million investment funding round led by Manchester-based Praetura Ventures.

Coadjute is a blockchain network that enables realtors, realtors, mortgage brokers and lenders to interoperate with existing software that allows parties involved in real estate transactions to update progress, real estate information and digital. Allows you to share IDs and even payments in sync. This network improves the security of all parties, transforms the buyer and seller experience, reduces management costs, and reduces the time it takes to move home by up to 50% for a seamless journey. The purpose is to create.

The first live transaction was announced earlier this year. A four-bedroom bungalow in Kent, live on the network in July 2021 and completed in just nine weeks. Since then, Coadjute has announced that a range of major software players will join the network, and today nearly 70% of all realtors use platforms that connect to Coadjute.

Pressure on the UK real estate market remains high due to post-pandemic demand. The average completion time of UK real estate is 5 months, 30% of all transactions fail before the contract is exchanged, and the average cost of a mover is £ 2,900. ONS released figures in August 2021 to show that rising demand is driving real estate prices to a peak beyond what was seen before the 2008 financial crisis.

As demand continues to grow, capacity and cost will continue to endanger the real estate ecosystem. The process of buying real estate is very complicated depending on the number of parties involved and all use different systems. Chasing updates, waiting for legal documents, and other time-consuming paper-based processes all create costs, risks, and inefficiencies.

Coadjute plans to change this by interconnecting the software platforms currently in use in the industry over a blockchain network, enabling updates and secure, real-time sharing of information. ..

Pre-Series A funding rounds follow the £ 1m pre-seed round in 2019 and the £ 3m seed round last year. Leaded by Manchester-based Praetura Ventures, the round will feature New York-based blockchain specialist, world’s largest LawTech investor Collab + Currency, LegalTech Fund, and Miami-based FinTech investor Rocket One Capital. It was also supported by three US agencies.

As part of the round, Praetura Venture’s investment partner, Colin Greene, will join as a non-executive director of Coadjute’s board of directors. Previously, he held senior positions at Apple, including CEO of Apple Korea, and led the Apple US Consumer Retail business, but Colin’s experience with one of the world’s largest high-tech giants steers Coadjute’s future growth strategy. Useful for.

Colin Green said:

“The UK real estate market has postponed innovations like Coadjute for many years. The founders have developed something that will completely revolutionize the way homes are bought in the UK and abroad. Coadjute’s excellent team. We look forward to helping you deploy and grow your network and achieve a truly seamless real estate market vision. “

Dan Salmons, CEO of Coadjute, said:

“There have been many attempts to improve the property process, but the essential challenge is that many related systems are not interoperable. Adding more platforms, hubs and databases will solve it. No. Coadjute has shown that multiple existing systems can be securely interconnected in real time. Demand has been astounding since the first transaction in July. From Praetura Ventures and other international investors. With strong support, we are starting to expand our network across the UK market. A revolution has begun in the way we trade real estate. “

Coadjute plans to use the secured funds to expand its network throughout the UK over the next 24 months. The funds will be used to expand sales and marketing activities and operations teams, introduce mortgage brokers and lenders to the network, and introduce new services such as digital identities, mortgage funds and real estate title transfers on the network. will be used.

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Media Contact: Citypress – For Praetura Ventures

Bex Thomas
account manager
E: E: [email protected]

Praetura Ventures is a Manchester-based venture capital firm investing in early-stage, high-growth businesses across the UK, with a particular focus on helping entrepreneurs in northern England.

Praetura Ventures is committed to providing post-investment value and “more than money” support for companies to grow, including additional expertise, resources, networks and guidance. ..

Since its inception, Praetura Ventures has invested more than £ 31m in 20 companies headquartered in the northwest, including Cultureshift, Maxwellia, Peak and XR Games.

Media Contact: Dominique Summers – For Coadjute

Dominique Summers
Marketing Officer
E: E: [email protected]

About Coadjute

Coadjute is the world’s first digital network that seamlessly connects the real estate market and provides end-to-end synchronized views. Coadjute does not replace existing systems, it is the digital backbone that connects them. This is a fast, secure and standardized way for real estate companies to connect and trade through existing software.

Founded in 2018, Coadjute was originally created to demonstrate the use of blockchain technology in the Land Registration Initiative. After a successful proof of concept, the team conducted a two-year test with major real estate market players, including NatWest Bank, to develop the network before going live on the first transaction in July 2021. Use “mortgage stablecoins” to move funds across your network and transform the real estate completion process.

Coadjute’s technology is based on the “bank grade” enterprise blockchain, which is more commonly used in capital markets. Decentralized systems provide secure user validation, end-to-end encryption, and avoid the risks associated with traditional “hub” databases. Uniquely, Coadjute allows you to share and exchange data, identities, and funds on the same network, speeding up the process and reducing the risk of fraud.

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Coadjute Secures £ 6m Seed Follow-on Investment Led by Praetura Ventures – UK Tech Investment News

Source link Coadjute Secures £ 6m Seed Follow-on Investment Led by Praetura Ventures – UK Tech Investment News

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