Labour backer Depledge raises £5m for start-up Resi Design | Money News

The technology entrepreneur who introduced Rachel Reeves before her speech at this autumn’s Labour Party conference is raising £5m for her architectural technology start-up.

Sky News understands that Resi Design, which was co-founded by Alex Depledge and counts ITV, the broadcaster, among its shareholders, is in detailed talks to close a funding round that will value it at about £20m.

Sources said that Nesta and Foresight, two investment funds, have been in talks about injecting just under £5m into the company.

Foresight is also understood to be acquiring a stake in Resi Design owned by the ventures arm of Omers, the Canadian pension fund.

Resi Design was founded by Ms Depledge and Jules Coleman in 2017, and has previously expressed an ambition to float on the stock market at some point.

The company is chaired by Tim Weller, a serial entrepreneur who oversaw Trustpilot’s London stock market listing.

Originally called Buildpath, Resi Design aims to provide a comprehensive service for homeowners looking to build or extend their properties.

Last year, ITV’s media-for-equity division took a stake in the company in exchange for up to £3m of advertising inventory.

Ms Depledge addressed the Labour conference immediately before the chancellor’s speech last month, telling delegates: “If I have to choose a smart person to run this nation’s spreadsheets, I choose Rachel… if have to choose a leader to champion high growth and balance our books, again, I choose Rachel.”

The Resi Design co-founder has been contacted for comment.