PropTech platform Vesper Homes has secured its initial £100,000 funding target on Seedrs, with commitments coming from nearly 100 investors.
The UK-based startup has collected £103,386 in return for 8.24 per cent equity, with the crowdfunding featuring 106 investors.
Vesper claims to offer all of the same services as a local estate agent, but with a saving of 50per cent on fees. We work with you on getting the most out of your property in London. The company is currently a hybrid agency and aims to develop a ‘leading edge technology platform’, with differentiating client driven features and processes.
The platform’s objective is to improve service to both client and tenant in addition to an enhanced digital drive according to its website. Its claims to provide reduced fess, a higher conversion rate, eliminate paperwork through its fully managed platform. The company’s turnover for 2015/2016 hit the £125,000 mark, a 350 per cent increase on its 2014/2015 set up year. Vesper’s revenue also grew further in 2016/2017 by c.60 per cent.
Investments in Real Estate Tech companies slowed down in the first half of the year after a record 2016 according to data by FinTech Global. A total of $2.21bn was invested in Real Estate Tech companies last year – more than double the funding in 2015. However, only 43.8% of the $920m invested in 2016 was invested in H1 2017. Alongside this slow start for investments valued under $100m, 2017 has yet to see any large deals closed in this sector.
Earlier this month, Mynd, an Oakland, California-based tech property management company, landed a further $5m in venture funding. In August, California-based rent management platform Domuso reportedly raised $3.1m in a funding round. While in July, UK-based PropTech company Lavanda reportedly closed a £1m Angel investment round.
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