Image credits: Setle
Limburg, Belgium-based Setle, a real estate company, announced on Tuesday that it has secured €1.5M from KBC Bank to accelerate its growth from startup to scaleup.
Founded in 2020, Setle is an online platform that helps make better decisions during renovation. The Belgian company is on a mission to make renovations more transparent — from making homes more energy efficient to maximising the housing budget.
Thibaut Nivelles, CEO of Setle, says, “As the saying goes, ‘every Belgian is born with a brick in their stomach.’ The family home is still the biggest household expense each month. Moreover, the sharp rise in energy prices and the growing importance of a sustainable energy transition doesn’t always make it easy for those looking to build or buy their own home to see the wood for the trees. At Setle, we aim to help people buying or renovating their homes make the right decisions in the renovation process. We are delighted that KBC, which boasts the best mobile banking app in the world and has a clear focus on sustainability, will support us in further developing our business.”
Setle: Making renovations transparent
The Setle tool helps estate agents show individuals (buyers and renovators) an estimate of the total cost of the property, including renovation costs, making the property more sustainable, improving the energy label rating, and energy consumption. It also includes potential subsidies and grants and quotes from contractors.
Estate agents can also suggest alternative properties based on Setle’s renovation estimate. It includes considering subsidies and grants, which might make the property a more appealing investment for the prospective buyer.
According to KBC Bank, the renovation report is accepted by several banks, including their own, as part of the loan application process. Further, Setle and KBC will also start several pilot projects in the autumn, adds the company.
The Limburg-based company operates from the Corda Incubator facility in the town of Hasselt and has a satellite office in Amsterdam. Setle currently works with 425 estate agents. To date, the Setle platform has run renovation simulations for €1,75,593,005, claims the company.
Currently, Setle employs around ten staff and is actively looking for additional talent to support the growth of its building renovation app.
Karin Van Hoecke, Innovation Manager at KBC Group’s Belgium Business Unit, says, “The transition to sustainable energy will have a fundamental impact on the whole of society. However, for private individuals, the main focus of the transition is their home. They sometimes don’t know where to start and have many questions about buying a home, renovating, improving the insulation, or keeping energy bills affordable.”
“The investment in Setle is the next step in ensuring maximum convenience for our customers when they renovate their homes and make them more energy-efficient. We see that customers are looking for solutions that make their lives easier, and we recognise Setle’s
potential. We believe in Setle’s strong team and excellent solutions that seamlessly meet our customers’ challenges and contribute to a total solution and experience for them,” he adds.
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