Legal services firm acquires proptech backed by Foxtons and Countrywide
LegalforLandlords says its services will now be integrated with Propoly's to create a 'start to finish' lettings service.
A proptech lettings platform backed by Countrywide and Foxtons has been acquired by a landlord legal services group.
Propoly, which launched last year after three years in development, has now been bought by LegalforLandlords for an undisclosed sum.
The announcement is part of a flurry of acquisitions and consolidation within the property industry recently including a buying spree by German firm Aeron, which recently bought both landlord platform Arthur and property maintenance platform Fixflo.
In June last year Propoly revealed that it had received £1 million from Foxtons and undisclosed funding and support from Countrywide.
The proptech platform, which was founded by Ray Kyrson and Edward Gazelle, will now be combined with LegalforLandlords’ service to offer a ‘start to finish’ solution.
Propoly, which also has Humberts as a customer, offers agents a platform to manage their lettings portfolios, enabling them to run tenancies as remotely as possible by automating and digitising the entire property rental process including check-in.
500 agents
LegalforLandlords offers agents tenant referencing, insurance and legal services, and has some 500 agents on its books.
“We are very pleased to have agreed a deal that will further Propoly as a core supplier to the industry,” a joint statement from Kyrson (pictured) and Gazelle says. Kyrson is staying with the business but Gazelle is exiting.
“LegalforLandlords, through their years of experience, deep knowledge of the sector and key products and services, are a leading business that will allow us to offer an even better service to our customers,” they add.
Sim Sekhon (main pic), the founder and MD of LegalforLandlords, says proptech is crucial in an industry that’s increasingly regulated and dogged by administrative complexity.
“We need to automate processes to save time and money, but we also need to recognise that agencies need to grow and develop new income streams. Propoly meets these needs now and will do so even more in the future.”
