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Online letting agency secures multi-million pound investment

Online agency OpenRent has secured a £4.4 million investment to help grow its offering.

The agency, which was founded in 2012, says it will use the capital to grow its team in order to accelerate product development and build new features.

The investment was made by Rocket Internet's venture division 'Global Founders Capital' and follows a significant funding-round in 2014, when OpenRent secured a multi-million pound media-for-equity partnership with Northern and Shell Ventures.

OpenRent, which is based in London, says it listed 50,000 rental properties in 2016 and has in the past claimed to be the UK's largest letting agent.

The firm's pricing structure starts at £29, with a more substantial package available for £49. All landlords are given their first advert for free.

Speaking to TechCrunch, co-founder Daz Bradbury described OpenRent as an 'established product' and a 'go-to solution for a large portion of the market'.

"The levels of service we can offer customers improve by the day. For example, our time to let a property continues to fall and is currently 8 days versus 3 weeks for a high street agent,” he told the tech publication.

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