Blockchain network raises £4m in preparation to expand across property market

Blockchain network raises £4m in preparation to expand across property market

Coadjute has has announced a £4 million investment funding round as their deployment across the UK property market continues to expand.

This latest backing has been led by Manchester-based Praetura Ventures, with other significant investors including Reech Corporations Group.

Coadjute are using the new funds secured to continue the network rollout and press ahead with their developments for buyers and sellers, and for the financial services industry.

Dan Salmons, CEO of Coadjute, said:

“Industry leaders are increasingly talking about a truly digitised the property market, but can’t imagine how that gets delivered. Coadjute have been investing in the technology that enables that future, everything from up front information 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.”

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.

Their 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 also announced the welcoming of a host of leading property businesses on the network. Recent announcements include the “largest independent residential sales and lettings estate agency group Spicerhaart and Talbots Law, a top law firm based in the Midlands”.

The mortgage lender Kensington, recently acquired by Barclays, has also recently announced it has completed a project designed to understand how to best implement Coadjute’s technology. The sandbox project proved to be “hugely successful”, with the lender “now exploring next steps towards going live on the network”.

Katie Johnson, Digital Journalist, Today's Media

Digital Journalist, Today's Media Contact: katie.johnson@todaysmedia.co.uk LinkedIn

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