A real estate business that received the backing of Property Innovation (Pi) Labs, a leading Proptech VC, is raising equity capital through crowdfunding.
Track, which serves as a property and fund manager for homeowners, is raising £250,000 (appr. $328,000) on Seedrs for 11% of company equity. Track has raised nearly £160,000 from 48 individual investors, which is roughly 65% of its fundraising target (at the time of writing).
Track has valued itself at £2 million (appr. $2.6 million). The company says it’s initially planning to target young homeowners including people who may be purchasing their first property.
Track provides property valuations, which it says are up to three times more accurate than Zoopla’s. The company also offers living costs management and aims to become a major finance app for all home buyers from first-time property owners to landlords.
Other notable features include multi-access, which allows everyone participating in the home’s financing to check out what’s happening in a shared-finance household.
Track says it will mainly use the capital raised to expand its workforce and create its products. The company claims users will no longer have to work with spreadsheets again.
Track’s founders, Byron McCaughey and Henry Oakes, say they both met while they were attending Imperial College Business School.
McCaughey stated:
“We have ways of managing everything online from our current accounts to our pensions and credit scores – but it struck us that there is nothing out there for our biggest and most personal asset: our home. We built Track to give home owners a sense of empowerment, ease, and above all else, to take the emotional stress out of money management.”
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