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Lettings proptech platform finally launches after THREE years in development

Backed by Foxtons and Countrywide with £2m, the white-label service was initially used by Humberts but says it is now launching into the lettings industry today.

Nigel Lewis

Lettings platform Propoly says it has officially launched after a three-year gestation period which has seen significant sums invested by both Foxtons and Countrywide and a try-out with Humberts.

The proptech firm has received £1 million from Foxtons and undisclosed funds and support from Countrywide since it first emerged in 2017.

Since then it has been nurtured through its early stage development by both PiLabs and Seedcamp along with input from Countrywide non-exec director Margaret Longden.

Early on Propoly also trumpeted its first customer outside of the Foxtons and Countrywide networks, Humberts, which in August 2017 signed up to use its white-labelled service, calling it Humberts Lettings Direct.

Propoly 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.

It also claims to reduce admin, maximise agents’ rental revenue by helping them sell third party products including Zero Deposit while also integrating with Homelet and Tenant Shop.

It has also now become a Propertymark protected industry supplier joining Reapit, Fixflo and PayProp.

“We are very pleased to have launched our unique product to market after three years of build, with the help and input of our investors including Countrywide Plc and Foxtons Plc,” says co-founder Ray Kyrson (left).

Propoly empowers letting agencies to be able to focus on the key aspects that generate business whilst allowing the system to take care of the administrative burden, the up-selling of revenue generating products and any compliance issues that arise.”

June 23, 2020

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