Street Group, which specialises in software solutions for estate agents, has raised £3.3m from Manchester-based Praetura Ventures.

The support will enable the Manchester-based firm to enhance and modernise key processes essential for running an efficient estate agency, capitalising on AI advancements.

The funding includes NPIF II-Praetura Equity Finance, which is managed by Praetura as part of The Northern Powerhouse Investment Fund II.

Street Group was founded in 2015 by brother and sister, Tom and Heather Staff, and has developed into a 146-strong team.

It provides two major product offerings, Spectre and Street.co.uk.

It currently supports more than 4,000 local, regional and national agents, and is planning to use the funding to accelerate product development, scale the team and introduce even more innovation to the industry, including advanced AI support for its suite of solutions.

Praetura’s investment director, Peter Carway, has joined Street Group’s board as part of the investment.

Heather Staff said: “Our family has deep roots in the property industry, so we’ve seen first hand the manual and complex processes that agents face. Moving home is also one of life’s most stressful experiences, and we have always firmly believed that modern technology is the key to making life easier for both agents and homemovers.

“Now, as the established choice for forward thinking estate agents, Praetura’s support allows us to accelerate our agent-centric approach to ensure Street customers are the agents of choice for buyers, sellers, landlords and tenants.”

Carway said: “This deal represents everything great about investment in the region.

“Entrepreneurial founders have created a business that is using advanced AI to drive innovation in a sector-altering way. Our backing will give the company extra fire power to take these advancements to more of the market, so it’s an incredibly exciting time for us to join the business.”

He added: “Street Group’s efficient and scalable solutions have driven their immense success to date and we are lucky to have the opportunity to support the businesses with more than money in the future.”

Sue Barnard, Senior Manager at the British Business Bank, said: “One of the key aims of The Northern Powerhouse Investment Fund II is to provide access to finance to innovative companies that are creating new and exciting products.

“Not only does this latest deal with Street Group achieve this goal, but it will also be used to create new jobs as well.”