22/11/2016

Software company Koherent secures six figure investment from Finance Wales

Cardiff software start-up Koherent plans to expand its team and operations following a six figure investment from Finance Wales.

Koherent’s property software helps with transparency, accuracy and audit trails for the rental market. Letting agents, landlords, tenants and contractors are able to raise and monitor maintenance requests and jobs through the program. The company, who are based at the Creative Quarter in The Hayes and already have six members of staff, are now looking to hire an additional three members of staff.

Brooke Williams, CEO of Koherent, said: “The support of Finance Wales is pivotal to the future of Koherent. With this funding we can now develop and grow Koherent into an innovative and market leading platform – one which will change the way lettings and estate agents work. This is a very exciting time for the team at Koherent and we are very grateful for the support of Finance Wales to allow us to make our industry-changing business a reality.”

“Brooke and his team have developed a genuinely innovative tool which will lead to a frictionless experience for tenants, landlords and letting agents,” explained Finance Wales Investment Executive Phil Barnes. “Koherent is already seeing take-up with letting agents and the company is in a strong growth position.”

“What Koherent will do for us is combine lots of software we currently use for different aspects of the lettings business,” explained Ross Hooper-Nash, Managing Director Jeffrey Ross Estate Agents. The company are due to begin piloting Koherent in their Cardiff branches soon.

“The software deals with tasks that currently take two or three separate programs to manage. This will help free up our staff to concentrate more on the sales side of the lettings business, rather than dealing with administration. We’ll be able to send jobs direct to contractors through Koherent’s platform, rather than depending on a paper trail,” added Hooper-Nash.

Koherent were advised on the deal by Greenaway Scott. Corporate Commercial Executive Gemma Davies said:  “We were delighted to advise Koherent on their Finance Wales investment. The company is an ambitious start-up with exciting technology and we look forward to supporting them as they grow and develop.”

Anna Elliot from Blake Morgan was the legal adviser for Finance Wales: “This was an interesting deal involving innovative software. Finance Wales have a lot of experience working with technology start-ups, especially through the Wales Technology Seed Fund and we were delighted to act for Finance Wales on this latest investment.”