French PropTech platform Virgil has reportedly raised €2.1m in funding to further operations expansion.
The capital was supplies by Alven Capital, LocalGlobe, KimaVentures and a host of angels which includes the founders of onefinestay Greg Marsh and Demetrios Zoppos, according to an article from FinSMEs.
Virgil aims to help people become homeowners by supplying them with an alternative mortgage. A consumer simply finds the property they want, and Virgil invests alongside them to help buy it. An example of how the system works is, if Virgil provides a 10% contribution, when the homeowner chooses to sell the property, Virgil will receive 15% of the sale price.
If a customer does not sell the property after 10 years, they can refinance the Virgil stake.
Earlier this year, Alven Capital participated in the $15m funding round of TheGuarantors. The company serves as a renter’s guarantor, so they can complete applications for properties.
Investment into PropTech startups has reached $11.8bn since 2014. The first three quarters of 2019 show how appetising the market is at the moment, with a total of $3.4bn having been deployed to companies.
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