Its platform offers insights and support to property sellers and buyers
Bristol-based start-up Propflo has successfully closed its pre-seed funding round of £180,000 from strategic investors to grow its property transparency platform.
Propflo is a property transaction transparency and decision support platform powered by machine learning – a form of artificial intelligence. It was founded by proptech entrepreneur Luke Loveridge and geospatial and risk data scientist Daniel Moyo.
The platform, which includes an “Experian-like” proprietary property score that homeowners can add context to, has generated significant interest among property professionals, especially mortgage intermediaries. It also features sustainability insights and support to prepare sellers and buyers.
The main objective of this funding round was to engage strategic investors with relevant experience to accelerate growth.
The round was led by Ying Tan, a successful founder and angel investor, will join the board as a non-executive director to help grow and provide strategic direction.
After becoming one of the youngest vice presidents at Goldman Sachs, Tan created a substantial property portfolio before founding Dynamo in February 2006. He exited in May 2021 having grown the company to become one of the leading and largest mortgage brokers in the UK. Since then, he has become the non-executive chairman of Knowledge Bank, a multi-award-winning mortgage criteria search system.
Tan will be joined by his trusted colleague Penny Desborough, who has been instrumental in many of his previous success stories. Investor Robin Balen, who has invested in successful proptech start-ups previously, is also part of the round.
“Propflo is a super exciting opportunity for me. It 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 complements my other recent investments. I am delighted to be part of its next chapter of growth and the exciting journey that lies ahead,” Tan said.
“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,” Loveridge said.
“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,” he added.