Downsizer.com Joins R3’s Venture Development Program
- PropTech Australia
- Jan 28, 2022
- 2 min read
Downsizer, an Australian proptech venture developing innovative solutions for the property downsizing market, today announced that it is now part of R3’s Venture Development Program, the start-up growth and business development program of the enterprise technology and services firm, R3.
The potential of the downsizing market is large and growing. Demographic
research conducted by Downsizer.com for its “Downsizer Download” report
indicates the potential pool of Australian downsizers over the next five years stands
at nearly 1.7 million households. However, downsizers face a financial barrier in the
form of the cash deposit that must be paid on exchange of contracts to purchase
their new home.
To solve this problem, Downsizer.com has co-created and recently launched the
“Deposit Power Downsizer Bond” to allow homeowners to use the equity in their
current owned home to back a cashless deposit bond. This solution harnesses R3’s
enterprise blockchain platform, Corda, to develop smart contract solutions for the
cashless deposit bonds, helping empty nesters downsize to a new home. Initially the
“Deposit Power Downsizer Bond” is being offered for the off-the-plan market before
being made available more generally for existing dwellings.
As a member of R3’s Venture Development Program, Downsizer.com will have full
access to the benefits of the program, including extensive technical support,
mentorship, accelerator and customer opportunities.
R3’s Venture Development program has helped many successful businesses that
are building applications on Corda, known as CorDapps, to market. The program
supports early-stage companies building on Corda with business development
content, technical support, design workshops and community events. More than
300 high quality mentors, venture capital firms and service providers contribute to
the program globally.
Downsizer.com’s Co-Founder and Managing Director Mark Macduffie said: “For Baby Boomers looking for ways to improve their income and lifestyle, downsizing is an increasingly attractive solution. We are excited to work with R3 to develop blockchain applications for the growing downsizing market. We can already see exciting opportunities across the real estate ecosystem and its associated financing opportunities.”
Marc Liew, Head of Venture Development, APAC at R3,
commented: “R3’s ecosystem is one of the largest in the world with more than 350 institutions and over 400 startups actively engaged in building on our technology
platforms. The ecosystem is growing rapidly and our Venture Development program ensures startups derive the greatest value from this network, shortening their
time-to-market and accelerate go-to-market strategy. We are pleased to welcome Downsizer.com, and look forward to contributing to their success in the market.”
Downsizer.com has recently closed A$1.7 million in seed funding and anticipates
launching an additional scale-up funding round in the second half of 2022.
