London-based proptech startup Flyp has raised £5m in a seed round of funding led by venture capital firm Outward VC for its property sales platform.

The platform analyzes the property to determine its current value, and if repairs are needed, they are funded by Flyp and put on the market for estate agents.

“The current status quo has been disrupted, and a new generation of sellers, agents and buyers has emerged who demand more transparency, efficiency and, yes, more money,” said Lee Seradzki, co-founder of Flyp.

“We are combining our technology, data capabilities and unmatched industry experience to create a new system from the ground up,” Seradzki added.

The company was founded by Seradzky, along with Oliver Gershfield and Greg Kantor last year and has sold 175 homes to date.

Flyp’s seed round also attracted investment from angels and family offices. The funding will be used for expansion into new areas outside of London and recruitment.

Devin Coley, co-head of Outward VC, said: “Flyp helps to solve a major problem in the UK – the archaic, long and time-consuming process of selling property, and the difficulty in getting its true value. .”

London-headquartered Outward VC previously backed Primary rateVauban, Crooked and Pepy.

Proptech Flyp lands £5m for digital real estate platform