Landlord software start-up closes £2m Series A funding round
Rentify secures backing from Balderton Capital to spark future product development
Online service for landlords Rentify has received Series A funding to the tune of £2m from Balderton Capital.
Launched in 2012, the start-up provides a letting service to landlords, using Rentify’s software to assist property owners with the management and advertisement of their accommodation.
The firm, which offers landlords full background checks of their tenants, has so far attracted 60,000 users to the software, through which £100m worth of rent has passed to date.
The firm’s founding team, which is made up of a combination of computer experts and former landlords, aims to use the funding boost to support new product development and grow the London-based team.
George Spencer, CEO of Rentify hopes to shake up the rental sector with the aid of the new investment. He commented: “We are thrilled to be backed by Balderton, who share our passionate belief that many landlords and tenants are not well served by existing services in this market.
“We want to bring transparency and honesty to a rapidly growing sector that badly needs it.”
Tim Bunting, partner at Balderton Capital, which has previously backed companies such as Housetrip, Wonga, Wooga, and Lovefilm said: “We’re investing in Rentify because it’s an exceptional team and undoubtedly the leading company in this space, having already signed up an impressive number of users in under a year.
“Rentify fits the bill for Balderton as a fast-growing, disruptive company that is bringing a fresh, new way for doing business to a large and established market. We believe that Rentify will transform the rental market in the UK.”