Regular visitors to this site might be familiar with Settled, the proptech startup that lets people sell their home without having to pay an estate agent.
Founded by siblings Paul and Gemma Young in 2015, the company puts power in the hands of homeowners by providing them with the full range of services you’d usually get from an estate agency – including a ‘for sale’ sign, photos and floor plan – and enabling them to arrange their own viewings with buyers through their mobile, tablet or laptop. Instead of paying a percentage of the sale price to an agent, customers pay Settled a flat fee of £299 to make use of its services.
Given the disruptive nature of the startup – and the fact it’s already helped customers sell over £50 million worth of property – it’s hardly surprising that investors have shown an interest. And, having already received the backing of Thomas Teichman, the first investor in notonthehighstreet.com, lastminute.com and made.com, the company has now closed the £1 million seed funding round it opened back in April.
The round was led by 500 Startups, the Silicon-Valley VC fund and startup accelerator that was founded in 2010 by Dave McClure, PayPal’s former director of marketing, and Christine Tsai, previously product marketing manager for YouTube and Google. The £1 million investment will help Settled expand its service across the UK, as it looks to shake up the British property market.
Across our portfolio we see property tech companies making big waves. We are looking forward to watching Settled continue to grow Matthew Lerner, 500 StartupsCommenting on the funding round, Gemma Young, co-founder and CEO of Settled, added: “We’re offering owners complete transparency and empowering them to both list and sell their property quicker than bricks and mortar agents – and save an average of £5,000 in the process. This latest funding will support our plans to reinvent the way we buy and sell homes.”
With Settled proving hot property for investors, the startup certainly looks to be laying some solid foundations.