UK-based Goodlord, a property technology company, has raised 7 million pounds in Series B funding. Finch Capital led the round with participation from Rocket Internet and Global Founders Capital.
LONDON, UNITED KINGDOM: Goodlord, one of the UK’s leading property technology companies, has announced the successful close of a Series B funding round. Following on from its 2017 £7m Series A round, the business has now secured a further £7m of funding, with the latest round led by new investor Finch Capital, supported by existing investors, Rocket Internet and Global Founders Capital.
Goodlord’s software platform allows letting agents to streamline the tenancy application process in one place and includes digital contract generation and signing, comprehensive referencing, and further products and services such as landlord and tenant insurances, utility and media-switching services.
The new funding will be used to build new products, grow its customer base, and invest in the further development of Goodlord’s proprietary technology to achieve its mission of making renting simple and more transparent for letting agents, tenants and landlords.
Goodlord has been successfully guided through a period of change and growth by its new CEO, William Reeve, a well-known technology entrepreneur and angel investor. Reeve, who co-founded LOVEFiLM, and has been involved with other successful tech businesses including Graze.com, Secret Escapes, and Zoopla. Since Reeve’s arrival in January 2018, the business also appointed a new CTO, Donovan Frew, and has rolled out a variety of improvements to its technology. It is on track in 2018 to grow its tenancy volumes by over 90% and its revenues by around 80% over 2017.
Commenting on the capital raise, William Reeve, CEO of Goodlord, said:
“Renting is one of the world’s oldest markets, but thanks to Goodlord it is now changing rapidly to make the process efficient and more transparent. With this new funding we will continue to pioneer a better, simpler and more transparent approach – one tailor-made for Generation Rent. We are delighted to have attracted Finch Capital as an investor and have the support from existing investors, Rocket Internet and Global Founders Capital.”
Finch Capital, a global technology investor with a focus on fintech and innovation-led businesses, led the round. It has also backed new lending models, Zopa, digital mortgage broker, Trussle, share trading platform, Bux and a blockchain real estate trading platform, Brickblock.
Radboud Vlaar, Partner of Finch Capital and who will join the Goodlord Board commented:
“The UK rental market is large with over 5.5 million households and has significant opportunity for the digitalisation of processes and transparency. Goodlord’s technology-led offering, its strong momentum and combined with the experience of William and his team is highly compelling to build a sizeable business in this space.”
Goodlord’s mission is to make renting simple and transparent for everyone involved by using its mobile-friendly technology to streamline the lettings process for agents, landlords and tenants. Its cloud-based software digitises tenancy creation and progression, allowing Goodlord to cut pointless, time-consuming administration for agents while transforming the tenant and landlord experience. Goodlord also provides a shop-front for agents to easily offer services which provide more value to their tenants and landlords, such as insurance and utility services.
Goodlord has grown rapidly and now handles thousands of tenants weekly, making it one of the largest players in the UK.
To date, Goodlord has raised over £17 million in funding from investors such as Finch Capital, LocalGlobe, Rocket Internet and Global Founders Capital.
For more information see www.goodlord.co
About Finch Capital
Finch Capital is a venture capital firm that invests in innovative businesses that transform the financial services sector in Europe and South East Asia. The firm’s investments cover a variety of verticals including software (customer and data management, infrastructure, security, AI/ML solutions), market places (insurance, mortgage brokering, deposits/lending, cars repairs) and payments (remittance, PSPs). Example investments are ZOPA, BUX, Trussle, Digital Insurance Group, Safened and Squirro.
Finch Capital is a significant minority investor focusing on early stage funding for financial services and financial technology (fintech) companies. Its team serves on portfolio companies’ boards to help define strategy and support entrepreneurs with their go-to market approaches, product development, hiring and funding roadmap to take the businesses to the next stages of development.
Operating out of offices in Amsterdam, London and Singapore, Finch Capital targets fintech hubs in Europe and South East Asia.
For more information visit http://finchcapital.com