Coadjute, the blockchain network for the UK property market, has received funding from US venture fund Collab+Currency.
Coadjute claims that its technology can double the speed of UK property sales by connecting all the parties involved in property transactions – like estate agents, conveyancers, banks, brokers and surveyors.
Dan Salmons, chief executive of the company, said: “The current challenges in the property market have highlighted how much the industry needs access to technology that can improve communication during property sales and purchases, and speed up the process.
“Our blockchain technology will connect the market without each business having to build and maintain lots of individual connections.
“Instead, they can just plug into the Coadjute Network and be instantly connected to the rest of the market –like a National Grid for property transactions.
“Collab+Currency have invested in some of the world’s most revolutionary businesses, and we’re delighted to have their backing. It accelerates our progress towards revolutionising the way property is bought and sold in the UK”.
The announcement follows the recent closure of a multi-million pound funding round led by Swiss Venture Capital firm, Blockchain Valley Ventures; and with the participation from the growth fund focused on financials and tech, Odysseus Investments, the global property fund, Ahimsa-Esya Capital, and by David E. Rutter, founder of enterprise software firm, R3.
Stephen McKeon, partner at Collab+Currency and finance professor at University of Oregon, said: “Real estate is an example of an industry where the legacy technical infrastructure relies on data silos that lack interoperability.
“Enabling the existing players to share the state of the transaction, while maintaining control of their data, is a powerful proposition.
“Coadjute has assembled a world-class team to tackle this problem and we’re excited to join them on their journey.”