Flatfair Raises $11m For Expansion

Proptech company Flatfair has raised $11m in a funding round led by Index Ventures, and which will be used to help expand its deposit-free renting platform.

Flatfair says the funding will help it to scale ‘far and wide’ in order to bring deposit-free renting to everyone, while it is also planning a major recruitment drive to expand its team from 25 to 100.

Franz Doerr, Flatfair CEO, spoke to Dealmakerz recently about his ambitions for Flatfair.

Commenting on the deal Martin Mignot at Index Ventures, which has a portfolio of names such as Facebook and Deliveroo, said “Around $300bn is tied up in deposits globally, so freeing up just a fraction of this money would make a huge difference to millions of renters who deserve a fairer and more transparent service. But Flatfair has the potential to become the ‘Paypal of property rental’ by offering a range of solutions beyond referencing and deposit management. There is huge potential for technology to help real estate companies manage operations and revenue in a more streamlined fashion, while offering tenants a better, fairer service.”

Flatfair’s no-deposit product is pretty much a no-brainer when you think about it – being straight from the ‘why did nobody think of this before’ school of entrepreneurial ideas. In future it’s not unlikely we will all be asking how on earth the lettings market managed to work when tenants had to stump up a physical wad of cash as a deposit.

Source Flatfair
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