Jon Notely (above, left), the co-founder of tenancy platform Zero Deposit, has stepped down as CEO of the business as it reveals new funding from the tech firm’s existing backers but also additional funds from the UK’s leading independent estate agency Andrews.
The 50-branch agency, which is already a distributor of Zero Deposits products, joins existing shareholders from within the industry including Connells, LSL, Acorn Group, Knight Frank and Zoopla.
The government has also chipped in with funds from its Future Fund, which is designed primarily to help tech companies get through the Covid pandemic.
Notley says he is to step back from leading the company and take a non-executive role.
Sam Reynolds (above, right), the firm’s marketing chief, is to take over Notley’s CEO duties. Notley and Reynolds have worked together before during the late noughties crossing paths at TDPG, the company that owned PrimeLocation.com and the now disappeared Findaproperty.com before they were merged with Zoopla.
Notley says: “The last four years have been an amazing experience, with us stamping Zero Deposit as the clear market leader in the fast developing deposit replacement market.
“I would like to take this opportunity to thank my team, all of our investors – now including Andrews – and our partners who have helped us to get where we are today.
“Sam was the obvious choice to steer Zero Deposit through the next exciting chapter of our story; bringing a wealth of senior marketing, product and commercial experience from a number of high growth businesses.”