Two young proptech entrepreneurs have secured £350,000 in seed funding to further develop their lettings platform designed for agents which, they hope, will turn into the leading provider of software and payments services to the UK’s £85 billion private rental market.
Called Yorlet, it is the brainchild of friends Max Cartwright (CEO) and Will Stenhouse (CTO) (pictured) who, after looking at platforms such as Airbnb, Shopify and Stripe, decided each one had elements that when combined together would offer a new kind of lettings business management platform.
“Our mission is to help estate agents deliver excellent and meaningful customer service, realise ambitious growth plans and introduce new revenue streams,” says Cartwright.
“This investment will be dedicated to the success of our customers and in 2022 we remain focussed on continuously delivering market-leading solutions.”
Yorlet offers agents an integrated suite of lettings products including the ability to collect rent, remit payments and onboard landlord all online and is designed for both one-branch and multi-branch agencies, and is already being used by its initial agent customers to collect and pay out millions of pounds in rental payments every month.
The two founders have six years apiece in the letting tech sector and they have hired former Your Move, Gascoigne Pees and Propoly agent Carl Thomas to head up its sales efforts. The firm also has Graeme Scott, Ex CFO of the Property Software Group, onboard as its finance director.
Yorlet’s new funding comes from the recently-established venture capital firm Goldsmith Ventures which is seeking to invest in tech for the property, insurance and financial services sectors.
It has been set up by James Pringle, who runs one of the largest networks of angel investors in the UK and who is famous for his tech podcast, Riding Unicorns.