Bristol-based start-up Propflo has confirmed it has successfully closed its pre-seed funding round of £180k from strategic investors to grow its property transparency platform.
The platform includes an ‘Experian-like’ proprietary property score that homeowners can add context to, as well as sustainability insights and support to prepare sellers and buyers. It was founded by proptech entrepreneur Luke Loveridge, chief executive of the firm, and geospatial and risk data scientist Dr Daniel Moyo.
The business has a strong advisory team including the chief executive of Yopa and ex-Purplebricks managing director Verona Frankish, and Dr Mike Tipping – a world-leading AI expert.
The main objective of the recent funding round was to engage strategic investors with relevant experience to accelerate growth.
The round was led by Ying Tan, founder and former chief executive of The Buy to Let Business (now Dynamo). Tan created a substantial property portfolio early in his career and since his departure from Dynamo, has become the non-executive chairman of mortgage criteria search system Knowledge Bank.
Tan, an angel investor in Propflo, will join the board as a non-executive director to help grow and provide strategic direction, joined by his colleague Penny Desborough.
Active angel investor Robin Balen who has invested in successful proptech start-ups previously is also part of the round.
Tan says: “Propflo is a super exciting opportunity for me. When I exited my business I wanted to back and empower the next generation of entrepreneurs. Luke already has an excellent proven track record, and has all the amazing attributes that I look for in founders.”
“Propflo is a revolutionary product which has ambitious plans to disrupt the marketplace, to create a better property buying experience. This makes it incredibly exciting for me and compliments my other recent investments. I am delighted to be part of its next chapter of growth and the exciting journey that lies ahead.”
Loveridge says: “I really admire what Ying has accomplished in the mortgage intermediary sector, and his knowledge of both the mortgage and property markets will be a huge asset to Propflo. When discussing the opportunity with him I felt that our values aligned and we could work very well together to build a great business. I’m also delighted that Robin has also participated in the round; his advice in previous proptech ventures proved invaluable.”
Dr Moyo says: “We’ve recently expanded our advisory board with Dr Mike Tipping who is a world leader in AI, he joined Verona Frankish formerly part of the leadership team at Mortgage Advice Bureau and current chief executive at online estate agents Yopa. Adding the market-specific and commercial experience of Ying and Robin to the business creates an even stronger best in class well-balanced team.”