Movewise, a proptech startup that helps vendors sell properties, has announced that it has raised £600,000 in a funding round, bringing its total investment to £1.1m.
The funding was led by existing investors Hambro Perks and Indeed.com co-founder Paul Forster, with further investment in Movewise coming from LoveFilm co-founder Simon Franks, among others.
Movewise provides management of the entire sales process for vendors through its online platform, and uses its own data to identify choice local estate agents to list with.
Having launched in 2018, tt has already listed £60m worth of properties in the UK in 2020, and claims a sales rate of 80%, with a four-month average time to sell.
Movewise funding to fuel proptech’s expansion
The funding will enable Movewise to further develop its platform, and expand into both the legal and landlord sectors of the industry.
“Our mission is to ensure all property sellers achieve the best price they can for their property,” said Tom Scarborough, CEO of Movewise.
“Approximately a third of properties will sell quickly in the first month. Two thirds of properties won’t be so lucky, which is when sole agents revert to price reductions, to the detriment of the vendor.
“Selling the most valuable asset you’ve ever owned shouldn’t be left to luck. Movewise is here to professionalise property sales for everyone.”
For investor, Movewise represents a disruptive force in the property industry, which, despite the proliferation of online listings, has remained relatively unchained by digital technologies.
“The last year has seen great progress, with Movewise’s unique approach to managing the property sales process demonstrably helping vendors sell faster for a higher price,” said Nick Sharp, manager of the Hambro Perks Growth EIS Fund.
“This raise will enable Tom to continue building out his technology platform and helping to make peoples’ lives easier across the whole of the UK.”