Coadjute, a blockchain network aiming to transform the ease and speed of home purchasing, has raised £4 million funding.
The London startup, third on our PropTech 50 ranking last year, is being deployed across the UK property market.
Its latest backing has been led by Manchester-based Praetura Ventures, with other significant investors including Reech Corporations Group.
“Industry leaders are increasingly talking about a truly digitised property market, but can’t imagine how that gets delivered,” said Dan Salmons, CEO.
“Coadjute have been investing in the technology that enables that future, everything from up front information to smart contracts, digital identity to synchronised settlement.
“Customers are routinely astonished how far ahead we are – we can do what many think is still science fiction.
“The latest funding round shows the confidence of our investors, and we look forward to sharing some exciting developments in the coming year.”
This round takes the total raised by Coadjute to £14m, following a £1m pre-seed round in 2019, £3m seed round in 2020 and £6m round in 2021.
David Foreman, managing partner at Praetura Ventures, added: “Unlike other PropTech companies, the key to Coadjute’s success is collaboration with incumbent players and using their platform to connect all the stakeholders involved in the sale of a property.
“Their proposition is unique to the industry. We want to help them continue to expand and move closer towards their vision of a connected property industry.”
Coadjute has announced it has welcomed a host of leading property businesses on the network. Recent announcements include the largest independent residential sales and lettings estate agency group Spicerhaart and Talbots Law, a law firm based in the Midlands.
Top 15 mortgage lender Kensington, recently acquired by Barclays, has also recently announced it has completed a project designed to understand how to best implement Coadjute’s technology.
The sandbox project proved to be successful, the company says, with the lender now exploring next steps towards going live on the network.