My NestBox has built UK’s first live property constraints database to provide instant search reports for conveyancers. By shortening the time it takes to complete these crucial searches, MyNextBox could eliminate the delays that lead to over 30% of UK property deals falling through.
We thought joining would be a wonderful way to top up our efforts and increase our reach. Both rounds have had a very short time frame so Connectd with its pool of active investors was really attractive.
We completed our Connectd profile when we joined the platform which basically allowed us to create a shop window for MyNestBox, and appeal to all the investors on the network. We connected with people who had relevant profiles and really focused on finding people who were interested in pre-seed, property, technology, and data and analytics primarily. Another fairly obvious criteria, which I think anyone seeking investment should look for, is a substantial investment track record.We were also committed to finding investors who were going to add value and expertise, rather than just money to the cap table this time around. As you progress through funding rounds, the needs of the business change and so the type of people you want to bring in changes with it. For us, we knew we’d benefit hugely from finding investors who were also property professionals or tech founders.
For our first round, our investors came solely from introductions. We were fortunate enough that our first investor was a big advocate with a big network book and was able to introduce me to a lot of relevant people; it really was a case of the network effect.
I’d been following Connectd for a while and really liked the look of the platform and what the team were doing. We thought joining would be a wonderful way to top up our efforts and increase our reach. Both rounds have had a very short time frame so Connectd with its pool of active investors was really attractive.
Our first round was in October 2020, and we only had three weeks to raise because we had an Innovate UK grant. Then this time around, we gave ourselves a four-week target which might seem ambitious but pressure can be a great motivator. In my opinion, the longer you hang around, the more momentum you can lose.
Not at the moment, the main reason being that we intentionally picked people to join the cap table who could add value, and we made it very clear to them at the point of getting the investment that we were looking to use them in almost advisory capacity. That was just the right decision for us at that point. There are a number of Investor NEDs on the Connectd platform, if that’s what a founder or startup is looking for, they can get the best of both worlds.
We are a team of data scientists who are building out the UK’s first live property constraints database, with the purpose of being able to provide instant search reports for conveyancers. At the moment, to purchase a house or a flat it can take between three to six months to get everything completed — and there’s a 32% fall through rate on average. We’re basically trying to bring those searches forward in the process, so that you can do your due diligence at the time of making the offer rather than six to twelve weeks down the line.
We’re currently doing a proof of concept on a small scale, hence this angel raise, which was £150,000 but we’ll also be doing the institutional raise, as our mission is going to require a big team!