Conveyd

£7m in the pipeline in their first year of trading by streamlining house transactions

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Quick Pitch
November 21, 2024

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Today’s feature of Quick Pitch is an early-stage start up addressing all parts of the house transaction process to build the House Passport for all individual actors.

The Market

  • 25 million UK homeowners spend £360bn per year on house transactions, to name a few:

    • £5bn in conveyancing

    • £4.1bn home insurance

    • £216bn in mortgages

This week's business solves two major problems: 

  • Each process involved in house transactions is highly fragmented resulting in slow information exchange.

  • 70-80% of processing time is in the movement of paper-based unstructured data due to limited investment in technology.

One Liner

Conveyd is a tech-first platform on a mission to connect homeowners, conveyancers, lenders, brokers and real estate agents, making house transactions transparent, simple and fast.

  • The rise of AI has made modernising legal exchange possible at scale, speeding up the process by up to 70%.

  • Starting with a legal tech platform will simplify the experience for home owners and allows law firms to achieve more in less time.

Quickfire

  • Headquarters: UK (remote)

  • Employee count: 3 (4 by December)

  • Investors: Founders Factory (in partnership with Aviva). Angels from Monzo and thoughtworks investors and several law firms at negotiation stage.

  • Funding amount: £300,000 on track to close by the end of 2024

  • Business model: Acquire customers through partnerships with mortgage brokers and real estate agents. Revenue is shared with law firms.

  • Traction metrics: 

    • Launching in December 2024 with conveyancing services (join the waitlist).

    • Secured pilot with a leading mortgage provider handling hundreds of mortgages per month.

    • £7m in the pipeline for their first year of trading.

    • Other mortgage brokers interested which could add 600 mortgages per month in the pipeline and £10m in ARR.

Due Diligence

APPEALS

  • Covers the entire home transaction: Competitors address individual parts like case management but not the end to end process and do not address the underlying data issue.

  • AI scalability: Automation with digitalisation and AI means home ownership tasks like insurance, mortgages, property info etc can be all in one place.

POTENTIAL RISKS

  • Resistance from conveyancers: Many conveyancers continue old routines which could slow adoption and limits the full potential to streamline their work.

  • Trust with homeowners: Conveyd is more than a one-time transactional tool and so it requires a shift I mindset from homeowners to use as their go-to property management platform.

  • Regulatory blocking

Founders

  • Co-founder, Stephen Cowley: Engineering leader, ex thoughtworks, ex CTO at a previous startup (undisclosed).

  • Co-founder, in stealth: Engineering leader, ex Monzo, ex thoughtworks

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