Property software provider Reapit has secured more than £20m of new investment from Accel-KKR. The funding will be used to increase spending on AI and consumer technology, alongside developing its estate agency platform.
Reapit stated it now invests over £40m annually in product development and innovation, a figure that includes its existing research and development spending. The company aims to move its technology beyond traditional transaction management to help agents maintain customer relationships beyond individual property transactions.
AI is expected to change how estate agencies operate, potentially assisting agents with customer relationship management, identifying potential instructions, and automating administrative tasks. Reapit's strategy integrates agency data, customer interactions, and AI within a single platform.
Mark Armstrong, CEO of Reapit, said the investment is a "validation of that journey and a commitment to the future," enabling accelerated innovation. Matt McGown, Chief Product Officer, added that the company is "putting more than £40 million a year behind making sure the agencies who backed us are the ones leading this market in 2030."