Virtual View App: Preparing Preparing for growth

5th September 2018

Virtual View App LTD, is a Proptech app that recently joined the Newable i2s programme for advice on scaling and expanding the business.

Virtual View App: Preparing Preparing for growth

Marc from Virtual View App Ltd, a Proptech app, joined the i2s programme with a great product, interactive virtual property viewing, with good financial acumen and the start of a fantastic business plan. However, he needed help scaling up and expanding his business.

The plan was to get access to finance and funding for them by reformatting the financial work and creating a cohesive message through the business plan, pitch-deck and coaching.

The product itself allows an agent to virtually walk a prospective buyer/renter through a property whilst speaking to them and zooming in on features throughout the tour.

Luckily, Marc and his team responded very quickly to the guidance given and we created a very investible offer through practice pitches, constructive criticism and co working on cash-flow forecasting, pitch deck refinement and planning.

Together we worked on current investor needs by creating a bare bones document with investor information that could be repurposed to fit any scenario. This bare bones document was then used, along with the business plan, as the backbone for a pitch deck giving possible investors all the information in clear and easily read statements, infographics and graphical representations.

Marc’s experience in the financial sphere helped greatly throughout this process, allowing quick and well thought out responses to new ideas and routes to finance.

An in depth competitor analysis was created and it was clear that Marc and his team were streets ahead and already had secured a number of high profile and influential partners and clients.

The latest thing we have worked on together is the construction of a lean business model and optimising commercial partnerships with the company that a partnership has been made to film all of the properties and the end users who are seeing returns on productivity and cost effective working.

This has led to an agile business model and KPIs being surpassed such as a 60% reduction in viewing cost, leads per sale is up x2.4 and x3.3 less physical viewings per sale all of which reduce both financial and time budgets for an overall more cost and time efficient model.

We went into depth for the market definition and monetisation and found that the UK market is worth £2.5bn and the 7 largest target countries gave a market size of £37.5bn, thus proving that there is scope and demand for this innovative evolution in the property, lettings and holiday rentals market.

This work has meant that Vieweet can now express how investable they are for both grant and equity funding, both these activities ongoing as the right fit has yet to be found with an investor and the grant application is pending but we are hopeful.

Please get in touch if you would like to find out more or if you are interested in any of these fully funded services, please contact growthservices@newable.co.uk