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TODAY'S OTHER NEWS

Ideal Flatmate secures £1.25m seed fund

Ideal Flatmate has closed its second round of funding, taking total investment in the company to £1.25m.

The website, a compatibility-based flatmate matchmaker, enables private landlords to list rooms for rent in London free of charge.

The platform, designed by Cambridge professors, is based on an algorithm similar to that of dating websites and prioritises tenant compatibility in an effort to encourage long-term rental relationships and tenancies.

The algorithm technology, which is functional after the user completes a 20 question survey, focuses primarily on the living habits and sociability of users.

Questions asked were found to be the most important when assessing living suitability in a study by Cambridge Psychologists Dr Paula Banca and Professor Mark P Haggard.

In the space of 12 months, the valuation of the London-based company, which was founded by Tom Gatzen and Rob Imonikhe, has seen its valuation increase by 200%.

Gatzen commented: “This funding is a huge vote of confidence in the business and we are excited to continue building a credible alternative to help Generation Rent find their perfect flatmates.

“The last 12 months have been an incredible journey and our team have performed remarkably in shaping the product, staying close to our users and making constant improvements to the platform.

“We can’t wait to increase the speed of our growth and provide London and the UK with the flat sharing platform it deserves!”

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