Lettingaproperty.com secures £750k Seed investment from Mercia
A proptech company which aims to disrupt the lettings industry has raised £750,000 to help establish itself as the leading rental platform for landlords and tenants.
lettingaproperty.com has secured investment from the MEIF Proof of Concept & Early Stage Fund, which is managed by Mercia and part of the Midlands Engine Investment Fund, and Mercia’s EIS funds.
The funding will enable it to further enhance its technology and build its subscriber base in the run-up to a Series A investment round next year. The company, which is based in Henley-in-Arden, plans to create around 15 new jobs in the next 18 months.
lettingaproperty.com is one of the UK’s longest-established online lettings companies and offers landlords a full suite of services including finding tenants, digital referencing, tenancy creation, rent protection and home emergency cover. It claims that its landlords save on average 50% compared to the cost of using a high street lettings agency.
The company was founded in 2008 by Jonathan Daines, who was previously lettings director for a high street estate agency chain, and his brother Matthew, former director of quality for Singapore’s Marina Bay Sands hotel with Kevin Neary, co-founder of games retailer GameStop Group, as Chair. As part of the deal, Matthew Farrow – the former finance director of online estate agency PurpleBricks – has been appointed as Interim Finance Director to oversee future business scaling.
lettingaproperty.com increased subscribers by 100% in 2021, raising revenue to over £1m and is on course to reach £1.6m in the current year. It now manages almost 1,500 rental properties across England, Scotland and Wales.
Lettingaproperty.com is helping landlords save a lot of time and money by making a way for them to easily find tenants online. Congratulations on your funding and best of wishes to the entire team at Lettingaproperty.com. All the best in your future endeavours.Shishir Gupta, Founder and CEO, StartupLanes
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