Meet Coadjute – A Digital Network For The Property Market – Backed By Global VC Investors

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To learn more about Coadjute and its digital network for the property market we sat down with Dan Salmons, CEO of Coadjute:

Q: Dan, can you tell us something more about the company?

A: Coadjute is a digital network for the property market. From early 2021 we are going to be connecting all the parties involved in buying or selling a property in the UK through blockchain, making communication easier and speeding up transactions.

We are backed by global VC investors and supported by major players in the property market. At the end of last year, we announced the closure of a multi-million-pound funding round, with investors including Swiss Venture Capital firm, Blockchain Valley Ventures, U.S. venture fund, Collab+Currency, tech and property funds Odysseus Investments and Ahimsa-Esya Capital, and David E. Rutter, founder of enterprise software firm, R3. Major players including 5 of the largest providers of Estate Agent and Conveyancing software in the UK have already announced they are taking part.

Coadjute is headquartered in London.

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Q: Why create Coadjute now? What factors in the Market make it important to launch Coadjute at this moment in time?

A: Coadjute means “to cooperate”. Today, the property buying process can be slow, complex, and costly for both buyers and sellers, as well as the businesses that serve them. This is not caused by the companies themselves, but by the lack of connectivity between them. Coadjute was formed to change this, to enable property businesses to work together to solve problems that cannot be solved individually.

There has been a need for improved connectivity in the property market for decades but the arrival of blockchain technology has provided the missing link: the ability to provide it in a highly secure way that does not require data to be centralised. We’ve been piloting the technology with major players for 2 years, and now are now ready to launch at scale. Coincidentally, we are doing so at a time when the Covid-19 crisis has acted as a catalyst for digital transformation, adding to the level of demand.

Q: Can you give us more insights into your services?

A: Coadjute’s blockchain solution is an open network which connects businesses that take part in a property transaction, such as estate agents, conveyancers, mortgage brokers and lenders. It enables all parties involved in the property transaction to rapidly and securely share messages and documents, and synchronise events with other parties on the network.

Our open network is uniquely designed to sit behind the front-end systems businesses already use, linking them together rather than replacing them. This means that users can continue to use their existing property software while benefiting from Coadjute’s network, reducing the cost and effort to use the new technology, and significantly accelerating the rate of adoption.

Q: What were the main challenges you faced in developing the service?

A: Well, we are getting ready for launch whilst navigating through the pandemic. The current environment has been a double-edged sword. On the one hand, it has highlighted the need in the property industry for more digitisation, and we benefitted from that; on the other hand, what we are doing requires internal and external collaboration, and that is more challenging when everyone is working remotely. But we have adapted and are on target to launch early 2021.

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Q: What can we expect from Coadjute in next 12 months?

A: Our focus in the short term is the UK market where we are launching the Coadjute Network early in 2021. It will be the first open network in the world to connect all the businesses that take part in property transactions via blockchain end-to-end, and will deliver huge cost savings and efficiency improvements to businesses, and a much better experience for house buyers and sellers.

Ultimately, we believe it could halve the length of time it takes to move home, and will be expanded to many adjacent services and other geographies. But for 2021, our focus is on the UK property market, and starting the journey to making it a truly digital property market.