Muve Beats the Covid Blues to Raise £1.1m
Innovative law firm Muve has announced the successful completion of a £1.1m equity funding round to finance its further aggressive expansion into the £1.75bn UK conveyancing law market.
Muve supports over 250 home movers every month with residential conveyancing. The Company’s success is built on the three pillars of: process automation through technology, 100% ownership of the lowest cost off-shoring facility in the UK conveyancing market, and being the first law firm to guarantee home buyers an exchange of contracts within as little as 25 days, or return its fees.
Muve’s sophisticated technology platform has enabled it to outperform consolidation trends, entering the Top 100 conveyancing firms in less than three years, in a market with more than 5,000 regulated providers.
Muve will use the new funding to:
- create one of the largest estate agency field sales teams in the UK legal market
- further invest in automation (including in its muveAI document review platform)
- monetise additional data services related to property transactions.
The three core investors in the round are Origin Capital, which led the transaction, the Angel Co-Fund, and MI Investment Holding Ltd. The new investors will provide support to the Board which currently consists of the three Muve Founders (David Jabbari, Dan Watkins and Claus Werner) who
have senior City law and entrepreneurial backgrounds. Tim de Vere Green, CEO of Origin Capital,
and William Berry, Director of MI Investment Holding Ltd will join the Board as Non-Executive Directors.
David Jabbari, CEO of Muve commented: “We are delighted to achieve this investment in the current market conditions. It is testament to Muve’s capabilities and very strong market fundamentals. Our investment partners are highly experienced investors who will contribute enormous insight in a period of rapid growth of the firm.”
Tim de Vere Green of Origin Capital commented: “Origin is very pleased to have led this investment round in Muve. We believe the company has developed an extremely sophisticated, efficient and effective conveyancing process and has great opportunities to significantly grow its UK market share over the coming years. We are greatly looking forward to joining with Muve’s founders on this exciting growth journey.”
William Berry of MI Investment Holding Ltd commented: “We are delighted to partner with Muve. We are looking forward to accompanying the company as it seizes the significant opportunity to build and consolidate its share of the conveyancing market.”
Paul Fauset of the Angel Co-Fund commented: “The Muve team has already made impressive inroads into the conveyancing market using their proprietary process automation technology. It is especially encouraging at this time to see Muve, an innovation-led company, raise the funds that can allow them to further develop the technology and business model so they are able to thrive when markets normalise.”