More funding for spin-out
Rasul-backed propTech firm secures £150k
Property Technology received £50,000 from the Scottish EDGE fund while IBM awarded the company £97,000 in infrastructure credits.
Entrepreneur Shaf Rasul, of commercial property specialists SRA Ventures, has worked closely with Property Technology since it spun out of Edinburgh university.
He believes that its Apply.Property software – the brainchild of Edinburgh University alumni Sam Zawadzki and Bilal Khan– is revolutionising how estate agents respond to viewing enquiries.
Mr Rasul said: “I believe there is vast potential for a fresh version of Apply.Property that would shake up the commercial property space, and the support of Scottish EDGE and IBM can only help.”
Apply.Property has been valued at £3.5 million and currently being used by clients including Rettie & Co and Rent Locally.
Mr Zawadzki said: “We are delighted to have secured further significant support for Property Technology Ltd that will help us to enhance its capabilities and add extra features which agents have requested.”
Marketing Leader for IBM Scotland, Brian Kennie, said that, thanks to its support, Property Technology would now “be able to scale up their solution in the market far faster.”
The fresh backing adds to the £150,000 seed stage funding that Property Tech has already banked from three high-profile Angel investors, allowing it to further develop its relationship management (CRM) tool for estate agents.