Today Coadjute announced a £4 million ($5m) funding led by Praetura Ventures. Coadjute is a blockchain-based workflow solution enabling transparency around how a property transaction is progressing.
Real estate deals often fall through in the UK. Anyone involved in a property transaction is regularly calling lawyers, agents and other parties to find out how the deal is progressing. The transaction status can be shared among all participants using a blockchain-based solution.
What’s particularly interesting about Coadjute is its go-to-market strategy. It partnered with many leading UK property technology (proptech) vendors, meaning each relationship brings on the vendor’s network. We previously explored the advantage of this approach.
“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,” said David Foreman, Managing Partner at Praetura Ventures.
“Their proposition is unique to the industry. We want to help them continue to expand and move closer towards their vision of a connected property industry.”
Some of the latest clients to adopt the solution are real estate agency Spicerhaart and Talbots Law. Kensington, a top 15 UK mortgage lender recently acquired by Barclays, has completed a sandbox project.
“Industry leaders are increasingly talking about a truly digitised the property market, but can’t imagine how that gets delivered,” said Dan Salmons, Coadjute CEO. “Coadjute have been investing in the technology that enables that future, everything from up front 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.”
Coadjute’s ledger uses the Corda enterprise blockchain. The latest £4 million brings the total funds raised to £14 million ($17m) following an $8m funding in late 2021.