Nested, the property start-up that is re-inventing estate agency, has raised £120mn in funds to continue transforming home selling in the UK. The round consists of £20mn in equity finance from leading European VCs Northzone and Balderton Capital and £100mn of debt finance from an institutional investor. 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.
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.
Nested 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during a period of market uncertainty which saw home sales fall 12% over the last year, and 61% of London homes withdrawn from the market without selling: an effect of a slowing market in anticipation of Brexit.
Nested is fixing the broken process of buying and selling homes, bringing honesty and trust to the sector. By combining their unique advance product with local agent expertise and a data-backed agency, they are able to provide customers with a service that no other estate agent can match. Data-driven valuations provide vastly improved accuracy compared to high-street estate agents. Committed to bringing transparency to an opaque industry, Nested makes its valuation performance public.
Matt Robinson, CEO of Nested, 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.”
Jeppe Zink, Partner at Northzone, said: “Selling a home is the biggest and most important transaction most people undertake. Yet the sales process remains opaque, with the resulting never-ending property chains becoming the bane of the industry. I was immediately convinced by Matt’s vision for Nested to fix this, giving homesellers an accurate view, backed by an advance, of the price they can achieve for their property. This means they can have peace of mind and the freedom to focus on securing their new dream home. I truly believe that Nested can be a fundamental game-changer and we are incredibly excited to be part of the journey.”