PropTech operator Lettingaproperty has won £750,000 to build a new rental platform of landlords and tenants.
The cash boost, from the MEIF Proof of Concept & Early Stage Fund, will be spent on the platform’s enhancements to win more sign-ups ahead of a larger fund-raise in 2023.
The former finance director of Purplebricks, Matthew Farrow, is Lettingaproperty’s interim finance director.
Chief executive Jonathan Daines says: “Our ambitious vision started back in 2008 and is gathering real momentum, supported by this investment plus key board appointments.
“We are excited about our future growth potential and the opportunity to disrupt the traditional high street lettings model. We aim to make renting out your property long-term as easy as filling your holiday let on Airbnb, and become the go-to choice when renting out property.”
And Stephen Windsor of investment consultancy Mercia, which will manage the expansion of the platform, adds: “Jonathan has used his experience in property management to digitally enhance each step of the tenancy journey. lettingaproperty.com is one of the longest-established rental platforms and is unique in that its technology is backed by an experienced lettings team.
“The investment will enable the company to scale the business faster and cement its position in the market.”