London-based proptech startup Flyp has raised £5m in seed round of funding led by venture capital firm Outward VC for its property-selling platform.
Its platform analyses a property to determine its current value and if any renovation work is required it is financed by Flyp and listed on its marketplace to estate agents.
“The current status quo is broken, and there is a new generation of sellers, agents, and buyers who demand more transparency, efficiency, and yes, more money,” said Lee Sieradzki, co-founder, Flyp.
“We’re combining our technology, data capabilities, and unrivalled industry expertise to build a new system from the ground up,” added Sieradzki.
The company was founded by Sieradzki, along with Oliver Gershfield, and Gregg Kantor last year and has sold 175 homes to date.
The Flyp seed round also attracted investment from angels and family offices. Funding will be used for expanding to new areas outside of London and hiring.
Devin Kohli, co-head, Outward VC, said: “Flyp is helping to solve a major problem in the UK – the archaic, long-winded, and time-consuming process of selling a property, and the difficulty in receiving its true value.”
Outward VC, headquartered in London, has previously backed PrimaryBid, Vauban, Curve, and Peppy.
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