Proptech company enthusiasm for using crowdfunding sites to raise money continues following the announcement today that lettings platform Findingaplace.com is looking for at least £250,000.
It was soft-launched last year by former Carphone Warehouse director Michael Savva (main pic) and is a matching service between agents and prospective tenants.
In February he told The Negotiator that the platform, which covers only London at the moment but has ambitions to go national, had 100 agents signed up and 1,000s of rental enquiries already rolling in from house-hunting tenants.
Now he’s using crowdfunding platform Seedrs to launch the funding bid, which would value the proptech company at £1.5 million based on the among of equity on offer.
The raise has been put through the government’s EIS Advance Assured programme.
Savva says prior to today’s Seedrs launch some £185,000 has already been raised from investors privately.
Two-thirds of capital raised will go towards growing the Findingaplace team as well as raising consumer awareness, with the remaining funding directed towards platform development to further enhance both the customer journey as well as agency partner features.
Savva says some 13,500 tenants have registered to use the proptech service so far and that a clutch of high-profile estate agencies are now using the platform including Winkworth, Benham & Reeves, Belvoir, Chestertons and Fine & Country.
“Backed with the capital secured from our crowdfunding round, we will be looking to enhance our platform features to really maximise the value we offer our agency partners,” says Savva.
“We also want to plan our expansion beyond the capital – turning our attention to the wider multi-billion pound UK rental market and our first international market, as well as long-term scalability.”