Coadjute, the blockchain network for the UK property market that promises to halve the time it takes to move home, has closed a multi-million pound funding round.
The funding round was led by Swiss venture capital firm, Blockchain Valley Ventures, with participation from the growth fund focussed on financials and tech, Odysseus Investments; and the global property fund, Ahimsa-Esya Capital.
The deal was also backed by David E. Rutter, founder of enterprise software firm, R3.
Coadjute: Offer stage overtakes exchanges and completions for first time since lockdown
Coadjute’s blockchain platform is an open network which connects the businesses that take part in property transactions.
It enables buyers, sellers and professionals involved in the property process to synchronise events and alerts in real-time, and securely share messages and confidential documents.
Property businesses can connect to the Coadjute network through their existing systems allowing easy integration, enabling costs reductions, improved resilience and to transform the customer experience.
Following a pilot project at the end of 2019, Coadjute believe their platform could reduce the time it takes to complete a typical residential property transaction by over 50%.
Coadjute’s open network is built on R3’s enterprise blockchain platform, Corda Enterprise.
Dan Salmons, chief executive of Coadjute, said: “The UK property market has been demanding improved connectivity for years, and in a rapidly changing environment needs it more than ever.
“We’ve spent 18 months developing our unique blockchain network in industry pilots and are now preparing for launch.
“The new investors announced today will marry up global reach and deep knowledge of both property markets and blockchain technology.
“Coadjute is now in a very strong position to offer the UK the first secure, open network set to revolutionise property sale transactions forever”.
Paolo Guida, head of investments at Blockchain Valley Ventures, added: “We had been looking for disruptive applications of blockchain technology in the real estate space for a very long time.
“With Coadjute we think we found one: thanks to its cooperative and inclusive but systematic approach, we think Coadjute solves some real pains in the industry and fully leverages the powerful ecosystem enabled by Corda/R3.
“Enterprise blockchain is finally going mainstream and we believe will find wide adoption in the next 3-5 years.
“Coadjute has a strong and experienced team and has a clear execution plan.
“We are pleased to join Coadjute with other investors who share a common vision of the direction the property market shall follow in the next few years.”
Anish Malhotra, general partner at Ahimsa-Esya Capital and co-founder of global real estate investment platform Plotify, said: “Ahimsa-Esya is proud to be an investor in Coadjute’s vision, one that will address an age-old issue in the UK property markets – disconnectedness.
“With our years of experience in global real estate, we are all too familiar with these pain points and are confident Coadjute’s offer will secure significant adoption across the UK and further afield.”
Adam Battersby, chief executive of Odysseus Investments, added: “Coadjute shares Odysseus Investment’s vision of applying technology to disrupt the foundations of industries.
“By using R3 Corda technology, Coadjute is delivering innovation by using enabling technologies like blockchain to deliver a ground-breaking customer experience.
“The Coadjute team has a track record of success and we are excited at the potential to partner on improving the efficiency of property purchases and mortgage decisioning.
“Despite the current industry challenges, with the platform, Coadjute is building the outlook for the real estate industry to remain bright.”