London based proptech raises £5m funding to “create a better way to sell homes”

Flyp, a London based proptech company that enables property owners in the UK to sell their properties faster and at a higher value, has raised a £5m seed round led by fintech-focused VC firm Outward VC, and with participation from angel and family office investors.

According to Zoopla, it takes homeowners 17 to 34 weeks to sell (compared to four weeks in the United States), and 33 per cent of all home buying transactions fall through according to The Department for Business, Energy and Industrial Strategy.

Flyp estimates that, on average, over £50k of value is left on the table by homeowners in London when selling their homes. With only the zenith of the market holding the tools and capacity to avoid this, flyp is looking to provide these to every home seller.

Founded in London in 2021 by Lee Sieradzki, Oliver Gershfield, and Gregg Kantor, flyp is on a mission to create a better way to sell homes by creating a technology-enabled ecosystem that is fairer and more efficient for sellers, agents, and buyers.

The company manages the entire process, from initial assessment, value-boosting renovations that flyp pays for and manages itself using its proprietary automated renovations software, and a multi-agent Marketplace where the sale is managed and shared with all the best, relevant agents at no extra cost to the homeowner.

To-date, in excess of 175 homes have been sold through flyp, with over 3,300 viewings across hundreds of agencies having been coordinated.

Flyp will use this latest investment to expand its product and technology solutions to solve more of the property market’s long-entrenched frustrations. It has to-date focused on London but will soon be enabling homeowners outside of the capital to sell through the platform. In addition, the company will be expanding its 30-strong team.

Co-founder Lee Sieradzki commented: “The current status quo is broken, and there is a new generation of sellers, agents, and buyers who demand more transparency, efficiency, and yes, more money. We’re combining our technology, data capabilities, and unrivalled industry expertise to build a new system from the ground-up.

“Everyone who has bought or sold a home, and that includes ourselves, will know how frustrating the process is. Often sellers don’t get the most value out of a life-changing transaction, because they don’t have the time, money, or expertise. As a result, money gets left on the table.”

By Matthew Neville – Correspondent, Bdaily

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