Budget online estate agent Settled secures Silicon Valley funding

UK online estate agent Settled has secured a £1m investment, including cash from Silicon Valley firm 500 Startups. Investment vehicle 500 Startups was founded by a former marketing director for PayPal and has put an undisclosed sum into Settled to add to an investment already made by Thomas Teichman, a serial investor with a reputation for spotting the next big thing.

Teichman was an early backer of travel website Lastminute.com and more recently online furniture retailer Made.com and kids internet phenomenon Moshi Monsters.

Online estate agesettled_logont Settled claims to have an innovative platform that is based on sharing economy principles, eliminating unnecessary middle men while encouraging buyers and sellers to connect directly.

The result, says the agency, leads to efficiency savings for both parties. The online estate agent estimates that it can save the seller of a home an average £5,000. The price of a basic package on the online estate agent is £399.

“We’re offering owners complete transparency and empowering them to both list and sell their property quicker than bricks and mortar agents – and save an average of £5,000 in the process,” said Gemma Young, co-founder and chief executive of Settled.

She added: “This latest funding will support our plans to reinvent the way we buy and sell homes”

Young has been recognised in The Sunday Times as one of the UK’s top female entrepreneurs under 35. Settled is already successfully trading, claiming to have facilitated the sales of £38m worth of homes.