OpenRent, regarded by many as the UK’s biggest lettings agency platform, has teamed up with global investment giant CVC. 

Funds under the management of CVC are making a majority investment in OpenRent, with founders Adam Hyslop and Darius Bradbury remaining “significant shareholders” and remaining in charge. 

The investment aims to fund OpenRent growth plans. 

Founded in 2012, OpenRent is effectively a Do It Yourself lettings agency for landlords, and it handles rental advertising, tenant search and selection, referencing, contracts, deposits, rent collection and other property services. 

It claims “a substantial community” of some 8.8m landlords and tenants with one in five UK tenancies running through OpenRent. 

The founders say: “When we started OpenRent we set out to make renting fairer, safer and cheaper for landlords and tenants across the UK. 

“Fourteen years later, OpenRent has become a trusted part of the market – and we still see enormous opportunity ahead. CVC shares our ambition and brings experience and resources that can help us accelerate the next stage of growth, broaden what we offer customers and create even more value for landlords and tenants.”

The company pledges to use its cash injection to create new tools to empower landlords and tenants throughout the entire rental lifecycle.

Earlier this year a survey by software supplier Alto suggested that 34% of traditional lettings agents regarded DIY platforms as a major threat, rising to 37% among sole trader agents.

This was especially so amongst smaller agencies, while larger corporates dismissed OpenRent and others as not being a significant threat to their business.