London-based real estate giant Nested has secured a fresh funding of £120 million which is a mixture of equity and debt funding. The firm is raising £20 million in debt financing which comes from venture capital firms Northzone and Balderton Capital. Notably, Northzone has backed streaming service provider Spotify while Balderton Capital has infused money in betting company Betfair. The other £100 million in the form of debt funding has been led by an unnamed institutional investor.
The London-based firm was started by James Turford, Matt Robinson, and Phil Cowans in 2016. The company helps homeowners sell their property along with providing solutions like handling valuation, marketing, and sales. What makes Nested different from others is that the startup will lend you 95% of the amount of market value of the property in the form of an advance, helping the customer to buy a new property before the old one has been sold.
Prior to this round, Nested had raised about £45.2M to date since their inception. The backers of the firm include Picus Capital, Global Founders Capital, Ricardo Schaefer, Passion Capital, Paul Forster, Miroma Ventures and others. The firm claims to have helped more than 400 homeowners in buying and selling of property. Now, the firm targets to help out property owners outside of London by offering their services.
Matt Robinson, the CEO of the firm talking about the fundraising said, “We’re excited to receive the backing from some of Europe’s top venture capital firms who share our vision for fixing the age-old problem of buying and selling homes."
He further said that the fresh funds will allow Nested continue solving the problems of people so that that can move out to their new houses with ease.
Image Courtesy : dribble