Propflo awarded £20,000 to develop its green property score
Bristol, May. 19th, 2022. Propflo has been awarded £20,000 to carry out an innovation project as part of Business Innovation Fund, a programme funded by the European Regional Development Fund and managed by the West of England Combined Authority.
Propflo will work with the University of Bath to develop its property transparency platform to include a wider range of sustainability and energy quality components.
The platform includes an ‘Experian-like’ proprietary property score that homeowners can add context to, and support to better prepare sellers and buyers. However, research has found that buyers do not prioritise sustainability (including energy efficiency) when looking for a new home. A reason for this it that the true value of energy efficiency, flexibility and resilience to the property is not fully understood and a lack of knowledge and high investment costs can limit the engagement people feel towards energy efficiency and climate change; ultimately curbing the investment in low carbon technologies.
Less than 50% of UK homes are at an EPC (energy performance) rating of C or higher. Housing accounts for over 25% of carbon emissions, so energy performance needs to be vastly improved if, as a region and as a country, we are to hit our net zero goals.
This project will be carried out in close contact with the University of Bath who will be contributing their domain expertise in whole-system approaches to business models and business cases for new low carbon technologies and economic incentives. The University of Bath is a world leader in energy system and AI research.
Propflo is a property transaction transparency and decision support platform powered by machine learning (a form of artificial intelligence). It was founded by successful proptech entrepreneur Luke Loveridge and geospatial and risk data scientist Dr Daniel Moyo. The business has a strong advisory team including the CEO of Yopa and ex-Purplebricks MD, Verona Frankish, and Dr Mike Tipping – a world-leading AI expert. It’s lead investor, Ying Tan, is also an industry expert having built and sold one of the largest specialist mortgage brokers in the country.
West of England Business Innovation Fund
The West of England Business Innovation Fund (BIF) is a three-year project, managed by the West of England Combined Authority, that will lead to over £3m investment in supporting SMEs to undertake research and development activities. The project promotes the West of England as a champion of innovation and highlights the importance of innovation in a post Covid-19 economic recovery, including its contribution to clean and inclusive growth.
European Regional Development Fund
The BIF is receiving up to £1,451,825 of funding from the England European Regional Development Fund as part of the European Structural and Investment Funds Growth Programme 2014-2020. The Department for Levelling Up, Housing & Communities (formerly MHCLG) (and in London the intermediate body Greater London Authority) is the Managing Authority for European Regional Development Fund. Established by the European Union, the European Regional Development Fund helps local areas stimulate their economic development by investing in projects which will support innovation, businesses, create jobs and local community regenerations. For more information visit https://www.gov.uk/european-growth-funding.