PropTech company Goodlord, already used by hundreds of agencies across the UK, has revealed a £10m investment windfall after its latest funding round.
Goodlord plans to invest more resources in the development of its software and expand the suite of products available to its letting agent customers.
This will include more features to ensure customers stay compliant with new regulations such as anti-money laundering directives and the forthcoming Renters’ Reform Bill. The firm says it will also be introducing new revenue opportunities for agents, as well as adding features to further streamline the rental process.
Over the past 12 months, Goodlord has introduced new products and platform updates to help agents and landlords stay compliant following the implementation of the Tenant Fee Ban. It has also expanded its service to cover corporate lets, brought in extended insurance provisions, introduced virtual banking technology for customers, and made improvements to Goodlord Switch, its proprietary utility switching technology.
Goodlord says it’s raised its latest £10m from Finch Capital and Latitude Ventures, the Series B+ sister fund to European VC firm LocalGlobe, known for investments in Transferwise, Zoopla, Monzo, TravelPerk and SecretEscapes.
“We’ve had an incredibly successful past year at Goodlord and we’re delighted to be starting 2020 by welcoming these esteemed investors into the business. The last 12 months saw seismic change for UK letting agents and landlords; change which means saving time, reducing admin, and generating new revenue streams are now more crucial than ever” says Goodlord chief executive William Reeve.
“This investment means we can continue to support our customers at increased rates of growth and offer a suite of products that keeps up with market and regulatory demand” he adds.