Proptech startup secures £7.2m to ‘revolutionise’ the rental market

​Silicon Valley fintech investor Ribbit Capital is backing a new property technology venture designed to transform the private rental market. 

Proptech startup Goodlord announced this morning that they had secured £7.2m funding from the Palo Alto team, alongside new money from existing investors LocalGlobe and Global Founders Capital to help enhance its rental transaction platform. 

This is Goodlord’s second major fundraising in seven months and will enable the proptech business to improve the technology behind its service and continue its goal of transforming the rental market.

Goodlord, which has already processed tenancies worth more than £200m, sells its cloud-based platform, designed to make the rental transaction quicker and more transparent, to some of the UK’s largest estate agencies, including Strutt & Parker, Life Residential and RE/MAX. 

The platform helps agents find and secure property for tenants, ensure landlords receive tenants’ references quickly and collect deposits and rent online. 

New services aimed at landlords and tenants are being launched regularly. 

Richard White, chief executive and co-founder of Goodlord, said: “This funding will allow us to move to the next stage in our plan to revolutionise the way that rental property lettings are done, taking away the pain for both landlords and tenants.”
 
“More and more people will be renting their homes for longer. They want to see quick, professional and efficient service from both agents and landlords. Goodlord can provide this in a way that is familiar to a generation that expects to complete purchases, order take-aways and hail a taxi using their phone in seconds.”

Meyer Malka, partner at Ribbit Capital said: “We see huge potential for disruption in the way that rental property in the UK is transacted. 

“Goodlord is using technology to build transparency and ease of use for one of the most important moments in a consumer life: choosing a home to live in.”

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