Properr, a start-up specialising in property technology, has closed £850,000 (just over $1m) of funding to launch Track My Move, a new, innovative platform which will turn the UK home purchasing process on its head.
Properr’s flagship product, Track My Move, is the first to bring together customers, estate agents and solicitors onto one platform, providing a tool that makes buying and selling a home more transparent. Aspiring to transform the entire home buying process, parent company Properr believes it could cut the standard home purchase transaction time from an average of 10 weeks to just two days.
A one-stop-dashboard, Track My Move aims to reduce the stress of buying or selling a house, as all the relevant information is held in one place, online and can be accessed by everyone involved at any time from any device. For consumers, they have all the information at their fingertips so they know how their house purchase or sale is progressing. Estate agents can continue giving a face-to-face service to their customers, but reduce their administration and cashflow issues because of the reduction in time it will take for the sale to go through. And for solicitors, they can manage all their information and communication in one place, which will save time going back and forth with paperwork.
The start-up, founded by entrepreneur Owen Derbyshire, CEO, and Steve Talbot, CTO, has already signed up independent estate agents across Wales ahead of its national roll-out and has secured a new round of investment bringing its total raised to £850,000. Finance Wales, one of the UK’s largest regional SME investment companies led the round, with additional private investment from some of the UK’s most successful investors including Ashley Cooper, co-founder and director of Catalyst Growth Partners.
“The current process of buying or selling a house is archaic, inefficient and stressful, with the average transaction taking between 10-12 weeks. Despite it being the biggest transaction most people will ever make in their lifetime, buyers and sellers often experience frustration over the lack of transparency in the process. Meanwhile, estate agents’ cashflow is affected as they don’t get paid until the transaction is complete.
“Track My Move is a big leap forward in transparency and accountability for all concerned. This round of funding allows us to continue our exponential growth to meet the needs of our rapidly growing client base. We’re working with partners and regulatory bodies to ensure the platform works for all parties and meets everyone’s needs from offer through to completion and post-completion. That means our customers are in total control of every element of the transaction and can effectively track their move from day one.”
The Track My Move model is built in such a way that it will be able to integrate with other future start-ups in the property technology market, bringing together the best of British property technology in one platform.
Sarah Smith, Portfolio Investment Executive for Finance Wales’ Technology Venture Investments team, said:
“Properr has an enthusiastic, ambitious and proactive management team who are revolutionising the residential property market. They’re supported by a team of savvy property technologists and business development experts. Properr’s strong potential for significant growth and profitability made it a perfect fit for our technology-rich portfolio.”