Nested, an innovative online agency that offers vendors a form of guaranteed sale, has laid off 20 per cent of its workforce according to technology publication Tech Crunch.
Nested co-founder Matt Robinson confirmed the departure of around 15 staff, telling Tech Crunch: “We have come off a record year and quarter but with continued uncertainty around Brexit market volumes have fallen significantly. We will continue to grow share, however, given the external environment we must remain cautious as we build the business for the coming years.”
Late last year Nested raised £120m in new funding; that’s on top of £80m raised earlier in 2018, and previous funding when the company launched.
Nested provides sellers with what is effectively an advance of up to 95 per cent of their property’s value - they receive the rest when the property sells.
The seller can use the advance to buy their next home before selling their old one; meanwhile Nested markets the home they are leaving.
Nested describes itself as a company that “breaks property chains and gives vendors the same market power as cash-buyers.”