A company that aims to speed up property transactions has closed a £750,000 seed round.
Coadjute, a network for decentralised workflow and data sharing within the property industry, recently completed a trial of a ledger-based system.
This system showed the potential to quicken property transactions by removing duplications and costly reconciliation processes from the process.
The first transaction took less than an hour to complete.
John Reynolds, chief executive and founder of Coadjute, said: “Following our groundbreaking trial we gained a huge amount of interest from banks, property companies, real estate agents and public sector organisations.
“Not only did they want to be involved in the development of our product, they also wanted to share their insights on problems that they think that our technology could solve.
“This led us to realizing that our integration and workflow solution for property buying could radically improve property building and occupation.
“Extending our solutions to cover the entire property lifecycle though build, buy and occupy has the capacity to save billions, improve efficiency and, crucially, improve transparency and safety.
“With this funding we are well on our way to test and launch next year. We’ve recruited a great team and we are working on partnerships with some of the major organisations in the global property industry.”