Start-up watch: UK-based Property Partner has just snagged £5.2 million in funding led by VC blue chip Index Ventures. Is that a good thing? It depends whether you think placing bets on London’s overheated property market is what the UK capital’s residents need right now. “We are bringing accessibility, flexibility and simplicity to an industry that has traditionally had high barriers to entry,” says the start-up. “Invest in individual residential properties with as much or little as you like, through property crowdfunding.”
‘Crowdfunding’ is a cooler term that ‘taking a punt’ or ‘betting’, of course, being a bit ‘sharing economy’ and all that, though betting is what Property Partner is doing. After all, one if its investors is Ed Wray co-founder of Betfair, who probably know good odds when he sees them.
Another investor is the Seedcamp fund, which says that “in creating an online marketplace for residential property investment, Property Partner is democratising access to this asset class and set to change the market as we know it.”
And who on earth could possible be against democracy in this day and age?
But, hey, trading in people’s homes can be fun. The first property to financed through the site, a house based in Croydon, has seen over half of its shares traded since purchase.
Who needs Malaysian and Hong Kong investors pumping up prices when you have Property Partner?