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.