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Mar 20, 2017 · techcrunch.com
Nested, the London ‘proptech’ startup that guarantees to sell your house within 90 days or offer you a cash advance instead, has raised a further £8 million in funding.
Passion Capital have led the round, with participation from Balderton Capital, and Rocket Internet’s venture arm GFC, bringing total funding to-date to £11 million. All three VCs are existing backers of the company, whilst Passion and Balderton also invested in Nested co-founder Matt Robinson’s previous startup GoCardless.
Launched in January 2016, Nested operates similarly to a traditional estate agent to help you sell your house, but with a key (and somewhat tech-enabled) difference. In addition to providing a valuation, marketing and sales service, the startup guarantees to sell your property for 95-98 per cent of market value within 90 days, or they’ll offer you the cash themselves instead. That’s made possible because of how confident it is that with the help of tech and data it can price a property accurately enough in the first place.
Meanwhile — and this bit is crucial — if Nested does achieve a higher sale price than the one it guaranteed/offered, either before or after the 90 day window, it will split the difference, up to 70/30 in favour of the property owner. This, in theory, keeps the interests of both parties aligned.