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Other investors in the consortium include Will Killick and Andrew Pettit, founding partners of Revcap Advisors, a private equity real estate investment manager that manages £4.5bn of assets; and Darryl Flay, co-founder of Macquarie-backed rental housing investment manager Goodstone Living.
Property and asset management company Ringley Group, which co-founded Verafind in 2022 – then known as VirginLand by Ringley – has sold its majority stake to pave the way for the investment.
Verafind, which includes the likes of Taylor Wimpey, Eon and Wates in its client base, is a technology-led business acting as an outsourced land department for developers, investors and asset owners.
The company uses AI, proprietary data and in-house geospatial technology to automate and simplify the acquisition of development sites.
O’Hare said: “Land acquisition and planning have always been bottlenecks in the property industry, causing delays and costs for landowners and developers alike – not to mention for our country, which urgently needs more houses. Verafind changes all of that, by streamlining and professionalising the entire process for the benefit of all.”
Dan Robinson, co-founder and managing director of Verafind, who was named a Property Week Trailblazer in 2023, said: “This is an exciting strategic milestone for the business that demonstrates proof of concept, where we are leveraging sophisticated technological solutions to unlock a deeply opaque land market. The new investment will help us achieve scale at an accelerated pace.”
The consortium’s investment will support Verafind’s next phase of growth, which includes enhancing its AI capabilities and data infrastructure, and expanding into Europe.
Originally published in Property Week: https://www.propertyweek.com/news/heavyweight-investor-consortium-backs-land-acquisition-platform
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