The following is the press release of the 03/09/2024 announcing Viability’s founding round.
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London, UK – 03/09/2024
Viability is a software platform for the home building industry to quickly and accurately assess the viability of potential development sites by assessing site constraints, developing optimised scheme designs and building detailed financial models. The software combines the optimisation and analysis methodologies of industry experts, with accurate and up to date data, to ensure any site can be assessed in seconds and land values can be maximised. Viability reduces the time taken to assess sites down to minutes, automating processes usually reserved for industry giants and helping developers make decisions quickly and with conviction.
The company, a PropTech startup formerly known as Hesti LTD, is pleased to announce the successful raising of £535,000 in funding. This significant investment comes from a consortium of notable backers, including co-founder Paul Higgs, SFC Capital, and Clearance Venture Partners, as well as grants from HM Land Registry (through the Geovation accelerator) and Innovate UK. The funds will be instrumental in advancing Viability’s mission to address the housing crisis leveraging AI to deliver Sustainable Development Optimised.
Viability’s co-founder and CEO Adrià Tarrida stated, “We are thrilled to receive this substantial support from such high profile investors and grant providers. This funding not only validates our vision, set out in our early days in the Venture Builder Carbon13, but also empowers us to accelerate our growth and bring transformative solutions to the housing market.”
The UK government’s recent commitment to build 370,000 homes per annum creates a timely and promising landscape for Viability. With the housing sector primed for rapid expansion, Viability’s platform is poised to play a critical role in ensuring that this growth can actually be achieved by supporting housebuilders, planners and the MMC Sector.
“With the Government setting ambitious new housing targets and proposing positive changes towards suitable Green Belt and Grey Belt development, the final piece of the puzzle is quickly and accurately assessing the real viability and potential of development land. The cost and availability of suitable land is the number one restriction on our housing industry meeting targets and with regulations growing and the process becoming more and more complex, there is no better time to be supporting the industry. Receiving this investment reinforces the importance of the mission we’re on and is a testament to the team’s hard work” added Henry Mayell, co-founder and COO of hesti.
Viability leverages property and geospatial data combined with proprietary data analysis to deliver software designed for the home building industry, starting with SME home developers. By providing software that enhances efficiency, reduces costs, and promotes sustainable practices, Viability is setting new standards to determine the viability and deliverability of sites in minutes rather than weeks.
Paul Higgs MRICS, a 40 year veteran of the land, planning and property development sector, established PropTech investor and advocate for sustainable development, remarked, “Viability is built on the knowledge and experience of property professionals working at the coalface to get homes planned, financed and built and dealing with these problems first hand. We’re addressing the housing crisis with a unique blend of innovation, real world knowledge and practicality. Our approach aligns perfectly with the future direction of the industry, and I’m excited to be a key contributor in the journey as a Founding Director.”
SFC Capital and Clearance Venture Partners also expressed their enthusiasm for Viability’s potential to revolutionise the housing market. Their investments will facilitate further research and development, incorporating additional AI solutions to their platform and enhancing Viability’s ability to deliver impactful solutions at scale.
For more information about Viability and their innovative approach to solving the housing crisis, please visit https://viability.site/ or contact press@viability.site.
About Viability
Viability is a PropTech startup that helps the homebuilding industry tackle the housing crisis sustainably by combining the methodologies of the UK’s top developers with accurate site data and constraints analysis. The software enables property developers to quickly assess site viability, optimise opportunities, and promote the adoption of offsite construction methods to decarbonize home building. Founded by Adrià Tarrida and Henry Mayell as hesti LTD, Viability is committed to transforming the future of housing. The company was born out of the Venture Builder Carbon13 and is part of the Geovation and inc. (Aster Housing Association) accelerators.
About Paul Higgs
Paul began his career in property and construction in 1984 with small-scale refurbishments, gradually advancing to larger projects, splitting houses into flats, and completing his first new-build house in 1988. Starting as a Trainee Site Engineer, he became a Site Manager by 21 after studying Construction Management. To get a proper grounding in land, Paul pursued Land Economics, becoming a Chartered Planning & Development Surveyor and honing his skills over a decade in senior roles at Laing Homes and Barratt Developments plc. In 2002, he founded the award-winning Millbank Group as an SME developer. Paul also lectured on Advanced Development Valuations at London Southbank University and became a Founding Investor and Board Director of LandInsight (now LandTech), a leading PropTech company.
About SFC Capital
SFC Capital is the UK’s most active seed-stage investor, providing seed capital and support to promising British startups. By combining their leading investment funds with their angel syndicate, they have created a unique model that provides investors with diversified exposure to high-potential SEIS and EIS-qualifying businesses. Since 2012, SFC has invested in over 480 startups and partnered with the likes of British Business Investments to support innovation across all UK regions.
About Clearance Venture Partners
Clearance Venture Partners (CVP) is the VC arm of Clearance Capital, a specialist real estate investment management firm. CVP invests in innovators changing the built world across the UK and Europe at pre-seed and seed.