PropTech Movewise takes funding total to £1.1m
Movewise, an independent multi-agent property seller, has announced a funding round of £600,000, taking the total amount raised to £1.1m.
The company, launched in 2018, manages the entire sales process for vendors, leveraging unique data and insight to identify the best local estate agents for a property. This proprietary multi-agency solution is today the most effective way for professional vendors to sell properties.
Existing lead investors, Hambro Perks early stage venture fund and Paul Forster, co-founder of Indeed.com, were joined by new angels including Simon Franks, co-founder of LoveFilm that was sold to Amazon for £200m in 2011.
The business has seen strong growth, listing more than £60m of UK properties in the past year with an industry leading sales rate of 80% and average time to sell of four months.
The funding will be used to further enhance Movewise’s end-to-end property sales technology platform, and grow through the legal and landlord sectors.
Steffen Schwark recently joined as CTO to lead the product and development teams. Steffen has more than 20 years of experience in building consumer and enterprise software products.
On the investment, Movewise CEO Tom Scarborough said: “Our mission is to ensure all property sellers achieve the best price they can for their property. 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.”
New investor Simon Franks added: “I’m excited to be backing the team at Movewise. They provide a core service that is a superior way to sell a property for everyone, and a scalable market position that can digitise property sales with any estate agent in the UK. This is a very exciting solution to a legacy industry.”
Nick Sharp, manager of the Hambro Perks Growth EIS Fund, said: “We are proud to back Tom and his team at Movewise for the second time. 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. 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.”