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Proptech

Proptech student rental app wins £185k funding in 24 hours

Crowdfunding site Seedrs helps proptech firm quickly raise nearly 90% of its funding target.

Nigel Lewis

A new app that claims to “revolutionise” the way students find and choose homes to rent has raised £185,827 for its proptech developer within 24 hours of launching on a crowdfunding site.

SPCE, which describes itself as the Airbnb of student accommodation but within the longer-term rental market, has raised the money via platform Seedrs.

The seven-month-old company says it is well on its way to raise the total of £215,000 it has asked for in return for a 17.99% equity in it shared among the 68 people who have invested so far.

Landlords and students

SPCE says it will bring landlords and students together on one platform and enable them to “rent out or search and pay for university-specific student rental properties based near campuses, without using estate agents” it says.

Founder and CEO Leon Ifayemi (pictured, left), says: “I got the idea for SPCE when I was at university and I had a job which involved me taking students to view properties near the campus.

“Getting the backing of early investors feels like a ringing endorsement of the app and what we are trying to achieve. It comforts us in the belief that SPCE fills a gap in the market.”

The money will be used to fund the development of the technology needed to support the app and the company has signed up tech firm Intellectsoft to do the work, with a hard launch due in October this year – just in time for the start of the academic year.

SPCE says it already has 800 students pre-sign-ups for its service and has agreements with six of the top 20 UK universities.

 

April 6, 2017

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