Proportunity raises £2M seed for its ‘help to buy’-style property lending
Proportunity, the startup that provides “help to buy”-style equity loans primarily for first-time property buyers, has raised £2 million in additional funding.
Billed as a seed round, backing comes from Anthemis, the fintech investor, and Axel Springer Digital Ventures, the early-stage venture arm of European digital publisher Axel Springer. The startup and Entrepreneur First alumni had previously raised £1.7 million in equity and a credit line of debt financing.
Previous investors include Global Founders Capital, Concrete VC (backed by Starwood Capital Group), Savills, EF, Trusted Insights and Le Studio VC, along with angel investors Matt Robinson (Nested), Chris Mairs (EF), Charlie Songhurst, Nicolas Berggruen and Julian Critchlow.
Founded in 2016 by Vadim Toader and Stefan Boronea, Proportunity wants to help first-time buyers purchase a home that is more suited to their needs than a mortgage alone might afford.
It does this by providing an equity loan of up to 15% of a property’s value to enable the home buyer to effectively put down a bigger deposit and therefore secure a more competitive mortgage. This, claims the startup, also enables the home buyer to potentially purchase a larger or better-located property, and reduce the amount of interest charged by the
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