Settled, which was set up in 2015 and earlier this year announced it was hunting for an additional £1m in funding, has succeeded in its bid - with the final cash injection coming from a Silicon Valley firm.
Settled has already won financial backing from Thomas Teichman, the first investor in notonthehighstreet.com, lastminute.com and made.com; now its latest fund-raising has attracted 500 Startups, a so-called accelerator company based in California and founded by a former marketing director for PayPal.
“We’re offering owners complete transparency and empowering them to both list and sell their property quicker than bricks and mortar agents – and save an average of £5,000 in the process. This latest funding will support our plans to reinvent the way we buy and sell homes” says Gemma Young, co-founder and chief executive of Settled.
Young was recently named amongst the UK’s leading female entrepreneurs aged 35 or under by The Sunday Times.
The site claims to have ”facilitated the sales of £38m worth of homes” based on charging sellers £299 for its full package. It says analysis of its sales data show fall through rates of just one transaction in 15 against what it says is a UK average of one transaction in three.
“Our team and the tools we’ve created provide around the clock support, empowering individuals within a process that’s historically been characterised by middlemen, Chinese walls and breaks in communication. Settled does the opposite of traditional or hybrid models, encouraging real connections between buyers and sellers and addressing the complete end-to-end journey” says Young.