Nested has raised an eye-watering £120 million as it seeks to change how properties are sold in UK.

Launched in 2016, the proptech company provides a cash advance on the value of the property, enabling customers to become cash buyers.

Northzone and Balderton Capital contributed £20m in equity funding while the remaining £100m of debt finance was provided by an institutional investor.

Nested will use the cash to scale in and outside of London as it seeks to launch a series of customer tools.

“We’re excited to receive the backing from some of Europe’s top VCs who share our vision for fixing the age-old problem of buying and selling homes,” said Nested CEO Matt Robinson, who co-founded FinTech firm GoCardless.

“We are building an incredible team to offer an unassailable service with the most progressive technology in the property industry.

“This investment will allow us to continue solving the problems that prevent people from moving home with ease.”

Nested says it has helped more than 400 homeowners to date.

Jeppe Zink, partner at Northzone, said: “Selling a home is the biggest and most important transaction most people undertake. Yet the sales process remains opaque, with the resulting never-ending property chains becoming the bane of the industry.

“I was immediately convinced by Matt’s vision for Nested to fix this, giving homesellers an accurate view, backed by an advance, of the price they can achieve for their property. This means they can have peace of mind and the freedom to focus on securing their new dream home.

“I truly believe that Nested can be a fundamental game-changer and we are incredibly excited to be part of the journey.”

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