New home owners
The London-based proptech start-up has closed a £250,000 funding round led by European seed fund Seedcamp.
StepLadder, which has developed a unique peer-to-peer solution to help first-time buyers get on the property ladder, has closed a £250,000 funding round led by Seedcamp.
The platform works by enabling groups of qualified prospective first-time home buyers to work together to build capital and helps bridge the daunting prospect of raising an adequate property deposit.
The pre-seed round will help the company enhance its technology-led platform which, on average, reduces the average time taken to raise a property deposit by up to 45% when compared to saving alone.
Matthew Addison, founder of StepLadder, said: “If we’re going to put a dent in Generation Rent, maybe it’s time for a truly alternative and collaborative approach – even if it means trying the unfamiliar.
“Importing our solution to this national problem could make a difference. We know ROSCAs work – over 70 countries worldwide have their own local names for them and they’re used everyday.
“There’s every reason to believe StepLadder Circles can work here, and make an impact. First time buyers could come to understand that they are stronger together.”
On the investment, Seedcamp partner, Tom Wilson, added: “We’re delighted to be have made a pre-seed investment into Stepladder and to support Matthew and the team through the next stage of their growth.
“We have made a number of investments across the property technology space and see huge potential for this solution tackling the issue of deposits – a particular pain point for first-time buyers- through an innovative peer-to-peer solution.
“We love the idea of a strong community of property purchasers and believe StepLadder is incredibly well placed to build a market-leading, trusted brand to support this underserved sector of the market.”
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