LONDON, UNITED KINGDOM – TUESDAY 25TH OCTOBER 2022: flyp (www.flyp.co), a London-based proptech company that enables property owners in the UK to sell their properties faster and at a higher value, has raised a £5M seed round led by fintech-focused VC firm Outward VC (www.outwardvc.com), and with participation from angel and family office investors. 

The UK has long suffered from a broken property market that pits sellers, buyers, and agents against each other in a zero-sum game. Sales often fall through for avoidable reasons, with sellers having to go through an arduous, complex, and time-consuming process, only to very often miss out on the real value of their property. According to Zoopla, it takes homeowners 17-34 weeks to sell (compared to 4 weeks in the United States), and 33% of all homebuying transactions fall through according to The Department for Business, Energy and Industrial Strategy. flyp estimates that on average over £50k of value is left on the table by homeowners in London when selling their homes.

With only the zenith of the market holding the tools and capacity to avoid this, flyp is looking to provide these to every home seller. Founded in London in 2021 by Lee Sieradzki, Oliver Gershfield, and Gregg Kantor, flyp is on a mission to create a better way to sell homes by creating a technology-enabled ecosystem that is fairer and more efficient for sellers, agents, and buyers. 

The company manages the entire process, from initial assessment, value-boosting renovations that flyp pays for and manages itself using its proprietary automated renovations software, and a multi-agent Marketplace where the sale is managed and shared with all the best, relevant agents at no extra cost to the homeowner. 

For agents, flyp represents a source of high-quality, certified properties with motivated sellers, meaning the number of properties available to their buyer pools increases exponentially.

To-date, in excess of 175 homes have been sold through flyp, with over 3,300 viewings across hundreds of agencies having been coordinated.

flyp will use this latest investment to expand its product and technology solutions to solve more of the property market’s long-entrenched frustrations. It has to-date focused on London but will soon be enabling homeowners outside of the capital to sell through the platform. In addition, the company will be expanding its 30-strong team. 

How flyp Works 

flyp Approval – Assessing The Real Value of a Property 

flyp uses AI and data to analyse the saleability of a property, including any pitfalls that may impact the sale process, and whether renovations can be made in order to help it reach its maximum potential value. 

If a property is approved straight away it is granted flyp Approval, which acts as a mark of quality assurance to agents and buyers, and clears any impediment to a fast and efficient sale. 

Transformation – Unlocking a Property’s True Potential

If flyp identifies any potential problems that need to be remedied for the property to be granted flyp Approval, or if there is value that can be unlocked, it will finance and execute the renovation project, covering the cost entirely and handling the process from start to finish. 

Renovation decisions and remote project management are based on AI and data, with flyp’s investments targeted to appeal directly to the intended buyers and to ensure return on investment. By investing its own capital, flyp’s interests are aligned perfectly with the homeowners’. 

Marketplace – Enabling Better Sales By Connecting Sellers With All Relevant Agents 

Once a property is certified and ready to be sold, it is added to the flyp Marketplace, where home sellers are matched with all relevant and high-performing agents, creating the most efficient marketplace possible for the property in what is a highly fragmented market. flyp again handles the entire transaction flow through its technology. 

Currently, almost all sellers exclusively instruct one agent because it’s cheaper to do so, but this results in longer sales times and lower prices. Conversely, properties on the flyp Marketplace attract multiple, high-performing agents, resulting in increased attention, ensuring all active buyers are engaged and faster and higher offers. 

“The current status quo is broken, and there is a new generation of sellers, agents, and buyers who demand more transparency, efficiency, and yes, more money. We’re combining our technology, data capabilities, and unrivalled industry expertise to build a new system from the ground-up,” comments flyp co-founder Lee Sieradzki. 

“Everyone who has bought or sold a home, and that includes ourselves, will know how frustrating the process is. Often sellers don’t get the most value out of a life-changing transaction, because they don’t have the time, money, or expertise. As a result, money gets left on the table.” 

Oliver Gershfield, flyp co-founder, adds: “There are a number of startups trying to fix the many inefficiencies and misalignments in the property market, but they undermine the important role that agents play in bringing buyers and sellers together. Our platform is designed to create a more efficient ecosystem that provides value for everyone, from empowering agents’ networks of buyers, to making it easier for homeowners to sell. This funding from Outward VC will enable us to further scale and offer our technology across London to sellers and agents and throughout the UK.” 

Devin Kohli, Co-Head at Outward VC, adds: “flyp is helping to solve a major problem in the UK – the archaic, long-winded, and time-consuming process of selling a property, and the difficulty in receiving its true value. We back ambitious entrepreneurs solving big problems, and flyp, with its data-driven analysis, technology-enabled Marketplace, and unrivalled industry expertise, fits the mould perfectly. We look forward to supporting them on their journey as they make the property ecosystem fairer and more efficient for sellers and buyers alike.” 

About flyp

flyp is a London-based proptech company that enables property owners in the UK to sell their properties faster and at a higher value. Founded in London in 2021 by Lee Sieradzki, Oliver Gershfield, and Gregg Kantor, the company employs a team of 30. 

About Outward 

Founded in 2018 by Co-Heads Kevin Chong and Devin Kohli, Outward VC is a London-headquartered venture capital firm investing in early-stage fintech startups based in the UK and EU, including category-leading and defining businesses PrimaryBid, Vauban, Curve, and Peppy. The company employs a team of seven people.