International law firm Bird & Bird has advised Tract, a prop-tech startup that uses AI to revolutionise the process of sourcing real estate and obtaining planning permissions for real estate development, on its pre-seed fundraise co-led by Ada Ventures and Concept Ventures.
Tract aims to use its technology to create positive societal impact by addressing the UK housing shortage, helping people become homeowners and reducing rental costs for struggling families. The new funding will help Tract to further develop its technology.
Ada Ventures is a London-based venture capital firm that invests in early-stage UK technology companies focused on climate equity, economic empowerment, and healthy aging. Concept Ventures is the UK’s largest dedicated pre-seed fund, supporting early-stage software startups across various verticals.
The Bird & Bird team was led by corporate partner Adam Meisels and associate Thomas Davies.
Adam Meisels commented on the transaction: “We are delighted to have advised Tract on its first institutional fundraise. Tract’s aim of addressing UK housing issues is a prominent subject that will demand increasing attention from both the government and the private sector in the future. This deal highlights our extensive knowledge in technology and companies using AI to help solve significant societal issues.”
Jamie Rumbelow, co-founder and CEO of Tract remarked: “We’re really pleased to have closed our fundraise and we thank the Bird & Bird team for their exceptional support and expertise during the process.”
