Fresh off their Best of Show win at FinovateEurope (Digital) this week, Proptee is looking to bring residential real estate to the masses. The London-based startup is in the final phases of testing a mobile app that allows users to buy shares in individual properties starting at £1 with zero commissions. Investors also receive a share of rental property income each month.
And just like with equity investing, users can bid at a lower price than what is currently quoted. It makes for an interesting concept in a market where single properties can be valued as much as some publicly traded companies.
The company is currently alpha testing as well as collecting emails from interested investors (current waitlist = 2,564). And they have 6 properties lined up for its initial launch. The company is raising a seed round.
Even before Robinhood validated the value prop for free trading, it was clear that real estate was headed in this direction. But it has taken time for regulators, and investors, to warm to the idea. Thankfully, we are there, at least in forward-thinking markets. And I hope someday they allow international users so that I can own a slice of a London flat, Parisien Hausmann or Amsterdam canal house. You might as well have some fun while you diversify your investments.
Company vitals
Description: Robinhood for residential real estate, but with monthly income
Status: Alpha testing began 22 Jan 2021 (see tester feedback)
Funding: Currently raising a seed
HQ: London, UK
Founded: Aug 2020
Founders:
– Benedek Toth, CEO (LI)
– Alexandru Rosianu, CTO (LI)
Reference:
– Crowdfund Insider (30 Nov 2020)
Company links: Website | Finovate | Twitter (145 followers) | Crunchbase | Linkedin
