Former Countrywide chief executive and chairman Grenville Turner is one of a number of high profile new investors unveiled for Zero Deposit, a deposit replacement product.

Zero Deposit – which has Jon Notley, former commercial director of Zoopla as its chief executive – gives tenants a choice of paying a traditional deposit equivalent to four to six week’s rent, or the opportunity to buy a lower cost insurance policy. Agents benefit through referral fees when new tenants are introduced to the scheme.

It already has substantial backing from international insurance group Munich Re and ZPG. 

Now Zero Deposit has announced new injections of funding from JamJar Investments, the Innocent drinks founders’ venture capital fund; from Grenville Turner, formerly of Countrywide; and from two UK investment funds. 

“We have more than £5m in investment and support in place which I believe will help us secure Zero Deposit as the major player in the deposit replacement space” according to Notley.

“We have been hugely impressed by the work that the Zero Deposit team has done so far and with the partnerships that they have formed. Rental affordability is a big issue and Zero Deposit have developed the right solution and we look forward to supporting them as they come to market” says Turner. 

Notley adds that there will be more announcements regarding partners and investors in the coming weeks ahead of the product’s formal launch later this year.