Property tech start-up bags £1.2m of funds

 
Michael Bow
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BETFAIR co-founder Ed Wray and private equity veteran Jon Moulton are among a handful of investors to back a £1.25m investment into a new property investment website.

Property Partner, the trading name of London House Exchange, has secured a new round of funding led by the venture capital arm Octopus Investments, in a bid to benefit from the UK’s growing buy-to-let residential sector.

Investment firm Seedcamp and BSkyB finance chief Andrew Griffith have also backed the venture, which was founded by the ex-head of startup investment at BSkyB Daniel Gandesha.

“Buy-to-let has many hurdles which put people off, including the significant up front cash requirement, exposure to unexpected costs, administrative burden and legal obligations. Property funds don’t solve the problem either, as you lose control and visibility over which properties you’re actually investing in,” Gandesha said.

Gandesha said his venture, which operates as a crowdfunding site giving smaller backers the opportunity to trade their holdings, would make investment easier and cheaper.