An online lettings platform used by 20,000 landlords is seeking an additional £850,000 In investment.
Lettingaproperty is using crowdfunding site Seedrs for the latest raise, following some £750,000 which it secured in the middle of last year.
Founded by brothers Jonathan and Matthew Daines in 2008 lettingaproperty claims to provide “a cost-effective alternative to traditional high street letting agents.”
Currently it has over 1,500 rental properties under management and collects over £24m in annual rent across Britain.
The platform claims to have seen 80 per cent subscriber growth, generating £800,000 in annual recurring revenue, and £1.1m turnover in 2022.
It says its share is just over 0.1 per cent of the serviceable available market, and its aim is to service 1.2 per cent of this market.
Funds raised in this crowdfunding round will be used for marketing and product development “designed to nurture, retain and grow the subscriber base, boost recurring revenue, and capture greater market share.”
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When will investors learn that these online companies are just excuses for huge cash burns and even larger payouts to the directors before they pack up and disappear into the sunset??
Trying to raise capital before the inevitable happens. Investors desperate for yields. When the investors get burnt they will have heart rending sob stories in the paper looking to get money from some institution.
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