PropTech firm Movewise takes investment to £1.1m

Posted on August 18, 2020 by Alistair Hardaker

Tom Scarborough

Tom Scarborough

Independent multi-agent property seller Movewise has announced a funding round of £600,000, taking the total amount raised to £1.1m.

The company, launched in 2018, manages the sales process for vendors, leveraging data and insight to identify the best local estate agents for a property.

Existing lead investors, Hambro Perks early stage venture fund and Paul Forster, co-founder of Indeed.com, were joined by new angels including Simon Franks, co-founder of LoveFilm that was sold to Amazon for £200m in 2011.

The business said it has seen strong growth, listing more than £60m of UK properties in the past year with a sales rate of 80% and average time to sell of four months.

The funding will be used to further enhance Movewise’s end-to-end property sales technology platform, and grow through the legal and landlord sectors.

Steffen Schwark recently joined as CTO to lead the product and development teams. Steffen has more than 20 years of experience in building consumer and enterprise software products.

On the investment, Movewise CEO Tom Scarborough said:“Our mission is to ensure all property sellers achieve the best price they can for their property.

“Approximately a third of properties will sell quickly in the first month. Two thirds of properties won’t be so lucky, which is when sole agents revert to price reductions, to the detriment of the vendor.

“Selling the most valuable asset you’ve ever owned shouldn’t be left to luck. Movewise is here to professionalise property sales for everyone.”

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