This week we have chosen to analyse Nested’s key features, founders, coolest parts and key metrics. Enjoy, they’re going to be huge!
Disruptive technology startup, Nested, is a London based #PropTech firm that launched in January 2016. They have gone from strength to strength as venture capital firms have backed Nested to its Series B round that raised $36,000,000, bringing total investment to over $50 million.
Nested works like a traditional estate-agent with a twist. Solving typical pain points faced when trying to sell your home, Nested guarantees you the sale price within 90 days of listing your property regardless of whether your home is sold or not.
Buying a house can be stressful. Buying your new house relies on selling your old house, as well as everyone else in the chain being successful (on average 1/3 of chains break). Nested uses technology to correctly value your property and then guarantees this price, allowing you to become a ‘chain-free’ buyer – you can buy your next house before selling your last one.
The company also deals with typical estate-agent services like marketing and sales.
- Clients are guaranteed 93-97% of the expected sale price (on average 100% is received) 90 days from listing.
- If Nested sells your property for more than expected, they split the difference 70/30 in the client’s favour.
Nested solves the two biggest pieces misinformation that we have when trying to sell a house. With normal estate-agents, sellers don’t know how much the house will finally sell for and when they will get the money until it’s too late. This means that, usually, sellers have to place an offer on a new house in hope that they will sell their old one.
The property industry is one that is ripe for disruption – with underserved customers with a clear pain-point to be solved. Nested is on a growth trajectory ready to take on the market.
CEO: Matt Robinson – Oxford University Law Graduate, ex-McKinsey Analyst, Founder of direct debit company GoCardless (over $20m raised, clients The Guardian and The FT)
CTO: Phil Cowans – Cambridge Univesity PhD Computer Science, ex-Chief Scientist at SongKick
COO: James Turford – University of Sheffield Architecture Graduate, ex-McKinsey Analyst, Associate Director at private equity firm PEP.
Seed Round: $1,560,000 [September 2016]
Series A: $10,300,000 [Passion Capital] [March 2017] [Also Balderton Capital’s Tim Bunting as a personal investor]
Series B: $36,000,000 [Global Founders Capital] [October 2017]
We’ve also analysed other cool startups before, see Stationhead, for example.