Index Ventures backs Daniel Gandesha’s tech start-up Property Partner
Index Ventures, the venture capital firm behind Just Eat and Candy Crush Saga-maker King Digital, has given £5.2m backing to a crowdfunding platform that allows retail investors to tap into the UK’s residential market.
Property Partner, founded by the ex-head of startup investment at BSkyB Daniel Gandesha, gives smaller backers the chance to invest sums as small as £50 in buy-to-let properties listed on its website.
It has already received backing from the likes of Betfair co-founder Ed Wray and private equity veteran Jon Moulton in a £1.25m funding round led by venture capital arm Octopus Investments last year.
Index Ventures’ co-founder Neil Rimer, said: “A reinvention of residential property as an asset class is currently underway. It is being democratised and opened up to a far broader range of people, who can now invest without the hassle and liquidity problems that have traditionally plagued direct investment in property.”
“In Property Partner, we believe we are backing an exceptional team with the skills to spearhead the growth of this exciting new sector and take property crowdfunding into the mainstream,” he added.
Property Partner is one of a handful of start-ups using crowdfunding as means of tapping into UK property, including Property Crowd, The House Crowd and Property Moose.
So far, more than 1,000 people have invested through its crowdfunding platform, with some people also starting to trade their stakes in properties with other investors in its resale market.