Online lettings platform launches crowdfunding campaign
Brothers who head up online lettings platform lettingaproperty.com are hoping to raise a further £100,000 through crowdfunding company Seedrs.
Online lettings platform lettingaproperty.com is hoping to raise a further £100,000 through crowdfunding company Seedrs.
The move follows an initial raise of £750,000 in mid-2022 from the MEIF Proof of Concept & Early Stage Fund, managed by Mercia Asset Management and part of the Midlands Engine Investment Fund, and Mercia’s EIS funds.
REGISTERED
Brothers Jonathan and Matthew Daines (main picture) launched lettingaproperty.com in 2008 and it now has over 20,000 registered landlords; more than 1,500 properties under management and collects over £24 million in annual rent across England, Scotland and Wales.
Since 2021 it has seen 80% subscriber growth, generating £800,000 in annual recurring revenue and £1.1 million turnover in 2022 – just over 0.1% of the serviceable available market. The aim of the capital raise is for lettingaproperty.com to service 1.2% of the market.
Funds raised in this round will support marketing activity and product development – designed to nurture, retain and grow the subscriber base, boost recurring revenue, and capture greater market share.
FORMIDABLE
Lettingaproperty.com has put together a formidable leadership team including Kevin Neary, Founder of GameStop Group; Matthew Farrow, former Financial Director of Purplebricks and Stephen Windsor of Mercia Asset Management.
We’re ready to scale at pace.”
Jonathan Daines, Founder and Chief Executive, says: “With our proven business model, strong leadership team and innovative rental platform, we’re ready to scale at pace.
“On the back of our Mercia capital raise, we are excited to open this opportunity to the wider investment community, prove our potential to grow and progress to the next investment round.”
The company recently launched a new SaaS rental platform, enabling landlords to simply manage the end-to-end letting process online. This also provides a marketplace for landlords and tenants to securely connect, with features including instant messaging, digital wallets, and OpenBanking.
