The funds have been committed by a number of high-profile angel investors (who invested their own money, not that of their investment funds), including Edward Rumble, partner at Pensato Capital; and David Giampaolo, CEO of Pi Capital.

Founded by Babek Ismayil, Azerbaijani former distressed-debt trader from JP Morgan, OneDome launched officially in April 2016.

Ismayil believes consumer experience with the property market is extremely fragmented and unnecessarily stressful. The existing process of purchasing a home is also needlessly burdensome for property professionals and negatively affects their margins.

OneDome believes technology should improve the interface between property professionals and their clients, and so aims to empower estate agents with tech to make consumer interaction simple and transparent.

Ismayil said he recognises the key role played by estate agents, and claims OneDome is not seeking to make these people redundant.

“As consumers, much of our interaction with companies is now online and the property industry should not be an exception. We don’t aim to remove the human element from the process, but to enhance it by allowing businesses to operate 24/7 in an efficient, flexible manner,” he explained.

OneDome plans to use the new funds to digitise of a number of different areas, including estate agency, legal services and financial services.

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