Former Rockspring boss Robert Gilchrist is one of a tranche of angel investors backing proptech app Dashflow for CRE, as it targets a £1.5m second fundraise.
The funding round follows the app’s initial seed funding offer in 2017, which was 50% oversubscribed and raised £400,000 ahead of Dashflow’s launch in 2018.
Since then the app has attracted users including M&G Real Estate, BNP Paribas Real Estate, Orion Capital Managers, Hermes, Derwent London, Delancey, SevenCapital and Amazon Property.
Dashflow for CRE uses artificial intelligence to streamline real estate investment appraisals, effectively replacing spreadsheet modelling and rigid software. The iOS-based app delivers appraisals by responding instantly to changed cashflow parameters of any given property investment scenario.
Gilchrist, who founded Rockspring Property Investment Management and was chief executive for more than three decades before the company’s sale to Patrizia in 2017, is also working with the business as an ambassador and adviser.
He said: “Dashflow is ground-breaking tech, and something I would have loved to have had access to at Rockspring. The app puts investment modelling within reach of anyone in the industry, and the cashflow function enables you to instantly see the effects of investment options on internal rates of return and other profitability measures.
“Whether you are in a real estate market with a high or low volume of investment transactions to evaluate, the importance of doing this accurately, quickly and economically remains absolutely crucial. The speed with which you can do the numbers and proceed to the point of bidding can give you a substantial edge over your competition.”
Warren Kinston, executive chairman of Intellect Automation International, the company which developed the app, added: “With more than 30 years’ involvement in pan European real estate investment, Robert brings a wealth of experience and contacts.”
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