Cash boost for lettings platform as it reveals £1m revenue

LettingaProperty.com has secured £750,000 worth of funding from the Midlands-based MEIF Proof of Concept & Early Stage Fund.

The online lettings platform is owned by brothers Jonathan and Matthew Daines and plans to create 15 new jobs at its Warwickshire headquarters within marketing, IT and development.

The company is also scaling its onboarding and support teams to handle increased customer enquiries while building towards its Series A funding round next year.

Jonathan Daines (main picture), Founder and Chief Executive, says, “Our ambitious vision started back in 2008 and is gathering real momentum, supported by this investment plus key board appointments.

We are excited about our future growth potential and the opportunity to disrupt the traditional high street lettings model.”

“We aim to make renting out your property long-term as easy as filling your holiday let on Airbnb, and become the go-to choice when renting out property.”

REVENUE UP

LettingaProperty.com increased subscribers by 100% in 2021, taking the firm’s revenue to over £1m.

It is on course to reach £1.6m in the current year, with the company now managing nearly 1,500 rental properties across England, Scotland and Wales. The company’s funding from the MEIF Proof of Concept & Early Stage Fund (which is managed by Mercia and part of the Midlands Engine Investment Fund, and Mercia’s EIS funds) will support the platform’s further growth.

The firm is chaired by Kevin Neary, co-founder of games retailer GameStop Group and last month appointed former Purplebricks finance chief Matthew Farrow as interim finance director.

Stephen Windsor, Mercia venture capital investor, says: “Lettingaproperty.com is one of the longest-established rental platforms and is unique in that its technology is backed by an experienced lettings team. The investment will enable the company to scale the business faster and cement its position in the market.”