Coadjute, the PropTech platform that aims to slash the length of property transactions, has announced a further £6m investment.
Coadjute is a blockchain network that enables software used by agents, conveyancers, mortgage brokers and lenders to link, enabling the parties to synchronise and share information, digital identities and payments.
The network aims to cut the time it takes to move house by up to 50 per cent.
The new funding round follows a £1m raise in 2019 and a £3m round last year. This latest investment is led by Manchester-based Praetura Ventures plus three US institutions: Collab+Currency, The LegalTech Fund, and Rocket One Capital.
The first Blockchain-enabled transaction was announced earlier this year: a four bedroom bungalow in Kent completed in just nine weeks.
Since then, Coadjute has announced a string of major software players joining the network; today nearly 70 per cent of all agents are using a platform that will be connected to Coadjute.
It plans to connect software platforms currently in the industry to each other through a blockchain network, enabling real-time sharing of updates and information.