Innovative conveyancing law firm Muve has announced the successful completion of a £1.1m equity funding round to finance its further rapid expansion into the UK property market.
Muve supports thousands of home movers across the UK with buying and selling properties. The Company’s success is built on the three pillars of a digital customer experience, best value pricing and being the only law firm to guarantee clients an exchange of contracts within as little as 25 days, or return its fees.
Muve’s sophisticated technology platform has enabled it to outperform the market, entering the Top 100 conveyancing firms in less than three years, in the sector with more than 5,000 regulated providers.
Muve will use the new funding to:
- further reduce timelines to completion, by enhancing communication between clients, estate agents and other parties involved
- accelerate its technology development, for example, to provide even more detailed updates through its online portal, so clients have complete visibility of the transaction 24/7
- launch new products features, such as an early-stage ‘legal health check’ for properties, allowing sellers to address any issues with the legal title at the outset, preventing delay and expense later on.
The three core investors in the round are Origin Capital, which led the transaction, the Angel Co-Fund (an investee fund of the British Business Bank) and MI Investment Holding Ltd. The new investors will provide support to the Board which currently consists of the three Muve Founders (David Jabbari, Dan Watkins and Claus Werner) who have senior City law and entrepreneurial backgrounds.
David Jabbari, CEO of Muve commented: “We started this fundraise last year, so are delighted to achieve this investment given the current market conditions. It is a testament to Muve’s capabilities and very strong market fundamentals. Our investment partners are highly experienced investors who will contribute enormous insight in a period of the rapid growth of the firm.”
Dan Watkins, COO of Muve commented: “Through further innovation we are confident of creating a market-leading conveyancing platform for clients, helping them complete their home move more quickly, with less stress and at a lower cost. Our digital proposition also puts us in the ideal position to serve clients in a post-lockdown world where face-to-face meetings and paper documents are risk factors best avoided.”
Tim de Vere Green of Origin Capital commented: “Origin is very pleased to have led this investment round in Muve. We believe the company has developed an extremely sophisticated, efficient and effective conveyancing process and has great opportunities to significantly grow its UK market share over the coming years.”