Anyone involved in a property transaction in the UK is in constant calls with lawyers, agents, and other parties to find out the progress of the deal. With the implementation of blockchain technology, the transaction status can be viewed by all participants. London-based Coadjute is a real-time blockchain network built to speed up property transactions. It enables transparency around how a property transaction is progressing.
Now, Coadjute picked up £4 million in funding in a round led by Manchester-based Praetura Ventures that backed Arctic Shores, BlueSkeye AI, and Futr. The round also saw participation from other investors, including Reech Corporations Group.
With this funding round, the total investment secured by the company is now £14 million and it includes the £6 million pre-seed round it received in 2021. Coadjute will use the latest round of funds to expand its network across the property market and carry on with its developments for buyers, sellers, and the financial services industry.
Dan Salmons, Coadjute Chief Executive, said, “Industry leaders are increasingly talking about a truly digitised property market but can’t imagine how that gets delivered. Coadjute has been investing in the technology that enables that future, everything from upfront 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.”
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. We want to help them continue to expand and move closer towards their vision of a connected property industry.”
Brings transparency to property transactions
Founded by John Reynolds, Mark Adams, and Sanj Bulsara in 2019 in London, Coadjute’s network connects the parties involved in property transactions using blockchain, cutting the cost and increasing the speed of property deals.
The network uses R3 Corda enterprise technology, a bank-grade form of Blockchain with high levels of security. By providing a secure and digital way to connect in real-time, the Coadjute network also improves both security and efficiency.
Some of the latest clients to adopt the solution are real estate agencies Spicerhaart and Talbots Law, and Kensington, a top 15 UK mortgage lender recently acquired by Barclays, has completed a sandbox project.
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