Blockchain property network Coadjute has secured £4m of funding as it looks to continue efforts to transform the ease and speed of home purchasing.
This latest backing has been led by Manchester-based Praetura Ventures, with other significant investors including Reech Corporations Group.
Coadjute said it will use the new funds to continue the network rollout and press ahead with developments for buyers and sellers and for the financial services industry.
The investment comes despite a background of a 38% reduction in investment in proptech firms globally last year, which the brand said sinigies the confidence Coadjute’s investors have in the company’s proposition and success to date.
Dan Salmons, chief executive of Coadjute, said: “Industry leaders are increasingly talking about a truly digitised the property market, but can't imagine how that gets delivered.
“Coadjute has been investing in the technology that enables that future, everything from upfront to smart contracts, digital identity to synchronised settlement.
"Customers are routinely astonished how far ahead we are - we can do what many think is still science fiction.
"The latest funding round shows the confidence of our investors, and we look forward to sharing some exciting developments in the coming year.”
This round takes the total raised by Coadjute to £14m, following a £1m pre-seed round in 2019, £3m Seed round in 2020 and £6m round in 2021.
David Foreman, managing partner at Praetura Ventures, added: “Unlike other proptech companies, the key to Coadjute’s success is collaboration with incumbent players and using their platform to connect all the stakeholders involved in the sale of a property.
“Its proposition is unique to the industry. We want to help them continue to expand and move closer towards their vision of a connected property industry.”
Coadjute has a range of property businesses on the network that are making use of its technology including estate agency group Spicerhaart and Talbots Law, a law firm based in the Midlands.
Top 15 mortgage lender Kensington, recently acquired by Barclays, has also announced it has completed a project designed to understand how to best implement Coadjute’s technology.
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I must disclose an interest as Coadjute are a client of Proptech-PR a consultancy for Proptech founders.
But since the implosion of SVB the eleventh largest bank in the US which served a whole crop of technology companies, it brought in to view that 'new' investment in technology companies would only occur if those companies had a useful, commercial and scalable solution, my opinion is that Coadjute is just such a rare company and fully deserve more funding to move their agenda forward.
I say this with massive oversight of what the shape of realestate is in the UK and globally as I have now had over 110 clients, sold four for 112M, seen 10 of them exit, and having met over 800 Proptech founders globally, and a network and contacts books second to none which hugely leverages my expertise and insight.
My candid thoughts are that what Coadjute will achieve is going to be perhaps the biggest success story in realestate that I have been lucky enough to be involved in. People need to join up and not get left behind, often it is good not to be an earlier adopter, but all need to get on the Coadjute express as it is definitely coming down the track.
And before the luddites, and last century legacy brigade start to go off on one, I am more than happy to discuss with anyone, brokers, agents, solicitors etc all the stakeholders who are involved in speeding up and running profitable businesses how Coadjute will do this for them. Genuine offer.
When I started working with the c-suite of Coadjute I too was pretty clueless what they were solving, and how.
Now sometime down the line I am one of their most ardent supporters, and everyone else needs to get on board, as 2023 until the Russian war is over will see the residential property market in the doldrums, so everyone needs a little bit of Coadjute in their life to make things easier.
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