Fresh capital for proptech as Amro launches VC arm
Build-to-rent and student accommodation operator Amro Partners has launched a venture capital arm to back startups in property and finance.
Amro’s first investment is in residential property transaction platform Coadjute.
The startup promises to double the speed of UK property sales by connecting everyone involved in the process – estate agents, conveyancers, mortgage brokers and lenders – and synchronising their data.
Using blockchain technology, Coadjute said it allows all parties involved in a property transaction to securely share information and documents through their existing software, thereby cutting costs, reducing the risk of fall-throughs and speeding up the process of buying and selling homes.
Amro plans to make 10 investments over the next 12 months in companies that “make a sizable impact on the built environment sector”. Key themes include carbon reduction and sequestration, waste management, financial inclusion and user experience.
Working as a co-investor and strategic adviser, Amro said it will provide “deep sector knowledge” and the opportunity to trial early versions of products in its properties.
For Coadjute, Amro’s investment – an undisclosed sum in the startup’s Pre-Series A round – marks a step closer to an expected launch this summer.
Ami Kotecha, head of venture investments at Amro Partners, said: “Customer and end-user experience is a key theme for our venture investment strategy, and our investment in Coadjute encapsulates that commitment.
“There are around one million transactions in the UK housing market every year, with a home being the single largest asset for many people. A vast majority of those transactions are conducted using semi-automated, duplicative processes that make buying or selling property expensive and fraught with friction and risk.”
Amro Partners is an investor and operator in the build-to-rent and purpose-built student accommodation sectors.
Boasting a portfolio of seven projects in the UK and five in Spain, the company describes itself as a business led by three defining features: reaching net-zero carbon by 2030; inclusivity and diversity; and openness and resilience through a data-driven strategy.