Property technology company Goodlord has secured an additional £7 million of funding from investors.
Goodlord’s software platform aims to make renting simple and more transparent by enabling letting agents to streamline the tenancy application process.
The platform includes digital contract generation and signing, referencing, landlord and tenant insurance, and utility and media-switching services.
The new funding, which was led by Finch Capital, will be used by Goodlord to build new products, grow its customer base and invest in technology development.
It follows a previous £7 million fundraise last year.
William Reeve, chief executive of Goodlord and co-founder of LOVEFiLM, claimed that thanks to the PropTech firm the renting market is becoming more efficient and transparent.
“With this new funding we will continue to pioneer a better, simpler and more transparent approach – one tailor-made for Generation Rent,” Reeve said. “We are delighted to have attracted Finch Capital as an investor and have the support from existing investors, Rocket Internet and Global Founders Capital.”
Radboud Vlaar, partner of Finch Capital, who will join the Goodlord board, said: “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.”
Since Reeve’s arrival in January 2018, the business has also appointed a new chief technology officer, Donovan Frew, and has rolled out a variety of improvements to its technology.
It is on track to grow its tenancy volumes by over 90% and its revenues by around 80% in 2018.