Coadjute, a blockchain network for the UK property market which aims to transform home purchasing, has announced a £6 million investment funding round led by Manchester-based Praetura Ventures.
Coadjute is a blockchain network that enables the existing software used by estate agents, conveyancers, mortgage brokers and lenders to become interoperable, enabling the parties involved in a property transaction to synchronise and share progress updates, property information, digital identities and even payments.
The network aims to create a seamless journey with improved security for all parties, transforming the experience for buyers and sellers, reducing administration costs and cutting the time it takes to move house by up to 50%.
The first live transaction was announced earlier this year: a four-bedroom bungalow in Kent which went live on the network in July 2021 and completed in just nine weeks. Since then, Coadjute has announced a string of major software players joining the network and today nearly 70% of all estate agents are using a platform that will be connected to Coadjute.
Coadjute aims to connect the current software platforms used in the industry to each other through their blockchain network, enabling the secure, real-time sharing of updates and information.
The pre-Series A funding round follows a £1m pre-seed round in 2019 and a £3m seed round last year. Led by Manchester-based Praetura Ventures, the round was also supported by three US institutions: New York based blockchain specialists, Collab+Currency, the world’s largest LawTech investor, The LegalTech Fund and Miami-based FinTech investors Rocket One Capital.
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As part of the round, Praetura Ventures’ Operational Partner Colin Greene will be joining as a non-executive director on Coadjute’s board, having previously held senior positions at Apple, including CEO of Apple Korea and leading the Apple US consumer retail business.
“The UK property market has been overdue an innovation like Coadjute for many years,” said Greene. “The founders have developed something that will completely revolutionise how we buy houses in the UK and beyond.
“I am looking forward to supporting the outstanding team at Coadjute as they roll out and grow the network, and to helping them achieve their vision of a truly seamless property market.”
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 doesn’t solve that.
“Coadjute have shown we can now connect multiple existing systems to each other, 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 plans to use the funds secured to roll out the network across the UK over the next 24 months.
blockchain