PropEco Secures £275,000 Seed Funding to Revolutionise Property, Insurance, and Mortgage Lending with Groundbreaking Tech
Glasgow-based technology company PropEco has secured £275,000 in seed funding to accelerate its mission of future-proofing the property industry through advanced data and analytical tools. The funding will support PropEco’s efforts to address evolving social and environmental trends, including climate change, and their impact on property, ultimately laying the groundwork for international expansion over the coming year.
The funding round was led by London-based venture capital firm Symvan Capital, known for its focus on early-stage, high-growth technology companies. The University of Strathclyde’s Inspire Entrepreneurs Fund also contributed, highlighting growing recognition of the value of integrating environmental and social factors into property, insurance, and lending decisions.
A Platform for Modern Challenges
PropEco’s AI-powered platform offers a comprehensive assessment of properties, focusing on three key areas: transition risks related to climate change, physical risks from environmental shifts, and wellbeing impacts. It constantly analyses data from thousands of sources, many of which are proprietary, to provide detailed assessments of critical factors such as flood risk, air quality, and opportunities for green retrofitting.
This amount of data is leveraged to deliver a range of products, including an API, portfolio assessment services, browser-based risk assessment tools, and property reports. These tools enable clients to make better-informed decisions, offering time and cost savings, improved risk management, enhanced regulatory compliance, and improved customer retention.
Chris Hardman, Founder and CEO of PropEco, said:
“Symvan Capital and the University of Strathclyde’s investment underscores the importance of integrating environmental and social factors into property-related decisions. The risks posed by trends like climate change are becoming increasingly evident, and PropEco is well-positioned to lead in climate-conscious property technology.”
He further explained:
“Traditional methods of assessing risk in property are no longer equipped to handle the complexities of modern environmental and social challenges. PropEco’s data-driven approach offers property-level insights that empower stakeholders to make smarter, more resilient decisions.”
Well-Positioned for Growing Market Demand
As awareness of climate change’s risks continues to rise, the demand for climate-conscious technology within the property market is also growing. PropEco’s platform is designed to meet this demand by providing property professionals, lenders, and insurers with actionable data to manage emerging risks effectively.
Investment Manager Allen Xu of Symvan Capital, said:
“PropEco’s platform addresses several critical data challenges in today’s rapidly evolving market. By enabling smarter decision-making, PropEco is helping shape a more resilient future for the property sector, aligning with our own mission to support innovative founders passionate about solving current problems with vision and determination.”
Anne Henderson, Interim Head of Investment at the University of Strathclyde, commented:
“As a socially progressive institution, Strathclyde is committed to supporting entrepreneurs who are making a positive impact. Our partnership with PropEco through the Inspire Entrepreneurs Fund reflects our belief in their mission to create a sustainable future for the property market.”
For more information, visit PropEco’s website. For interview requests with Chris Hardman or further information, contact PropEco at info@propeco.io.
Discussion with ESG Leaders on regulation
Season 4, episode 7
Listen to the full episode here.
In this episode we speak with Mark Hadfield from “Meet the 85%”, Manuel Maqueda from Harvard University, strategic adviser Max Nokhrin and Victor Milligan from Cairnbridge Advisors about the current state of ESG and associated regulations. What are their insights and recommendations? What the FinTech Scotland’s Financial Regulation Innovation Lab can deliver and their hopes for the programme.
Shaping the Future of ESG in Financial Services
Season 5, episode 6
Listen to the full episode here.
In this episode Richard Nicol from the Phoenix Group and Tom Mcfarlane from EY speak to us about the ESG challenges they are facing and why they decided to join the Financial Regulation Innovation Lab programme to find solutions to those challenges as well as what they are looking for with applicants.
To apply for this innovation call visit this page.
Highlights of the Zumo 2023 ESG Report
Zumo’s 2023 ESG report showcases their commitment to environmental, social, and governance (ESG) principles, illustrating how they are paving the way for a sustainable future in the digital asset sector. Here’s a sneak peek into the key takeaways from the report.
Environmental Initiatives
Zumo is leading the charge in decarbonising the crypto industry. Their innovative “Oxygen” project focuses on reducing the carbon footprint of digital assets by using Renewable Energy Certificates (RECs) to offset the energy consumption associated with Bitcoin transactions. This approach ensures that investments are not only profitable but also sustainable.
Social Responsibility
Zumo’s commitment to social good is evident through their partnership with WasteAid, supporting waste management and climate action initiatives. They also encourage charitable donations via digital wallets, enhancing the social impact of their technology.
Governance and Transparency
Zumo emphasises effective governance with transparent frameworks and audited methodologies. Their participation in regulatory discussions and adherence to UK’s Financial Conduct Authority (FCA) guidelines showcase their dedication to maintaining high standards of compliance and transparency .
Pioneering Sustainable Investment
The collaboration with Jacobi Asset Management to launch Europe’s first ESG-aligned Bitcoin ETF is a testament to Zumo’s innovative spirit. This ETF aligns with ESG goals by ensuring that the electricity consumption related to Bitcoin investments is matched with renewable energy procurement .
Regulatory Leadership
Zumo is actively engaging with regulatory bodies to shape a compliant and sustainable future for digital assets. Their proactive approach to regulatory changes ensures that they are at the forefront of providing secure and compliant digital asset services .
Read the Full Report
The 2023 ESG report by Zumo highlights their current achievements and their vision for a sustainable future. It’s a must-read for anyone interested in how the digital asset sector can evolve responsibly. Dive into the full report to discover detailed insights and learn how Zumo is setting new standards in ESG practices within the crypto industry.
Green 13 Solutions
Fintech – a force for good
Season 4, episode 1
Listen to the full episode here.
Episode recording with Fintech Australia.
Fintech has emerged as a transformative force in the financial sector, offering innovative solutions that not only enhance financial services but also address broader societal issues, including environmental sustainability, customer vulnerability, and overall financial well-being.
Those objectives are heavily featured in the Research & Innovation Roadmap that we published 2 years ago.
In Scotland, we have an important number of fintechs addressing those challenges. In fact, the majority of Scottish fintechs are fintech for good.
Today we’ll take some time to consider how those organisations are driving positive changes.
Guests:
Ren Hooi, Founder and CEO at Lightning Reach
Robin Peters, Co-founder and CEO at Snugg
Sheila Hogan, Founder and CEO at Biscuit Tin
Stafford Railway Building Society Embraces Climate Innovation with PropEco Partnership
UK-based Stafford Railway Building Society (SRBS) just announced a strategic partnership with Scottish fintech PropEco. This collaboration marks a significant step in SRBS’s journey to enhance its mortgage portfolio’s resilience against climate change.
Climate-Conscious Financing
This partnership with PropEco, who provides climate and energy data solutions, represents SRBS’s commitment to integrating climate risks into its financial decision-making process. PropEco’s suite of data-driven tools and services will empower SRBS to better assess and manage both current and future climate-related risks.
Joining Forces for a Sustainable Future
The collaboration is more than just a business transaction; it’s a shared vision to make a tangible impact. Together, SRBS and PropEco aim to explore opportunities that benefit SRBS members. They plan to offer insights on energy efficiency and increase climate resilience, crucial areas in today’s rapidly changing environmental landscape.
Chris Hardman, Co-founder and CEO of PropEco, said:
We are delighted to be working with SRBS, which has consistently demonstrated that it is both forward-thinking and fully engaged when it comes to modelling and developing its understanding of the impacts of climate change. We look forward to working with the team to identify further opportunities and deliver additional value for its Members.’
Chris Reid, Finance Director at SRBS, said:
Over the past six months we have been working closely with PropEco to support our aim for a more comprehensive set of climate and energy performance data across a broad range of metrics. This is an area which will continue to evolve and we very pleased to be working with PropEco, in particular the flexibility, responsiveness and data coverage that PropEco offers really sets its solution apart. We look forward to building a successful partnership over the coming years’.
Learn More and Get Involved
For those interested in learning more about this innovative partnership or the solutions offered by PropEco, visit www.propeco.io or reach out to the team at info@propeco.io.
Scotland Fintech Festival – Episode 2 – Snugg & TSB
Season 3, episode 11
Listen to the full episode here.
In this special 2023 Scotland Fintech Festival episode we spoke with Mike Teall, Co-Founder and Chief Commercial Officer at Scottish fintech Snugg and Adam Betteridge, Partnerships and Open Banking Lead at TSB.
We discussed TSB Innovation Labs that saw Snugg secure a partnership with TSB, helping the bank’s customer make their homes greener.
We focus specifically on what makes for a good collaboration between established financial firms and fintechs.
Special Scotland Fintech Festival 2023 – Nicola Anderson, CEO at FinTech Scotland
Season 3, episode 10
Listen to the full episode here.
Scotland Fintech Festival took place between the 21st of September and the 12th of October. With over 50 events the festival was a real success this time again.
During the launch event, the Fintech Summit, we recorded special episodes in collaboration with collaboration platform Findr.
In this episode we speak with Nicola Anderson, CEO at Fintech Scotland about the festival itself as well as initiatives that are underway, delivering the recommendations of the UK Research & Innovation Roadmap.
A £250 Billion Opportunity: How fintechs can lead the charge in greening UK homes for Net Zero
One of the newer startups of the Scottish fintech ecosystem, Snugg, is dedicated to making energy efficient homes simple and affordable for everyone. Co-founder Robin Peters spoke to us about his concept of climate finance and challenges, as well as his recommendations for fintech companies entering the space.
In the UK, homes make up a fifth of total carbon emissions, and it is estimated £250 billion pounds of investment is needed to make homes energy efficient if we’re to hit our net zero objective by 2045. To get there, the private sector will have to play a significant role in support of that. While investment in large infrastructure projects, such as wind farms, are supported by quite mature financial vehicles, there has been very little progress in innovative finance solutions for homeowners.
“One of the key challenges is that investment related to decarbonising homes is generally quite expensive and intrusive. And frankly, the investment case often isn’t very attractive to people,” points out Peters. “So it’s quite a difficult nut to crack, but also extremely important.”
Climate finance plays an important role in tackling this challenge because it brings together different elements of the private sector to underpin finance initiatives to help the world achieve its net zero ambition. The goal is to not only direct investment into getting projects off the ground, but it’s also about helping financial services customers to invest in climate-positive activities.
Yet there are a number of barriers that need to be overcome, including the need for more consistent government policy around green incentives, and the fact that general consumers have got to want this more. Further, there needs to be more integration across the supply chain. “People need things to be made simple for better take-up of the pro-climate incentives that are on offer,” explained Peters. “There should be a deeper alignment amongst the different providers across the supply chain, for example, between a trusted installer, the financial provider, manufacturers and the government.”
The financial sector now also has an opportunity to pave the way more seamlessly. Firstly, they can put all their data to more intelligent use by targeting personalised initiatives and engaging with customers in a more meaningful way. Secondly, there is scope for innovation in green financial products, such as pay-as-you-go (where people can repay loans based on savings they have achieved from making their homes more energy efficient) or property-linked finance (where a loan is linked to a house rather than a person). Peters notes a slight degree of reluctance in the financial sector at present, yet he is optimistic that in the future there will be better auditing of banks to assess whether financial products are truly delivering.
His top three recommendations to Scotland’s fintechs wanting to incorporate climate concerns into offering?:
- Focus on the data: There’s a lot of data out there that can be improved and interrogated for better insights
- See the opportunity: A perception shift is needed to see that this is an opportunity for real innovation. There’s a huge investment opportunity for financial services, yet patience is needed as banks can be particularly slow in adopting truly new innovations
- Collaborate: It’s an incredibly dynamic market which literally needs to grow by a factor of ten in the next 4-5 years. There’s also an enormous amount of innovation, and sharing different ideas with emerging players and other participants will help come up with the best solutions for the market.