London proptech start-up Lavanda raises £1m in angel round which includes director of Purplebricks

Aiming to "unlock the hidden value in every London property", the Holborn-based start-up will use the injection of cash to expand its B2B offering

London-based proptech start-up Lavanda has raised £1m via angel investment in a round which included the director of Startups 100 2016 winner Purplebricks.

Kenny Bruce, co-founder of the 24/7 online estate agency Purplebricks, was joined by Sir Terry Leahy, the former CEO of Tesco; Harry Hill, the founder of Rightmove; Bill Currie, the founder of VC firm William Currie Group; and Anthony Nutt, fund manager at Jupiter Asset Management.

Based in Holborn, Lavanda offers both a B2B and B2C service and aims to “unlock the hidden value in every London property”. It is a platform for landlords to optimise rental yield by leveraging technology, data and luxury hospitality services.

Helping homeowners manage their Airbnb account, Lavanda helps landlords maximise their profit and helps property investors find new revenue streams.

The start-up will use its latest round of investment to expand its B2B offering.

Lavanda is co-founded by Guy Westlake, the 37-year-old entrepreneur who was previously head of marketing for Startups 100-winning delivery business Shutl.

The start-up previously raised $265,000 to support its on-demand app, with Ned Cranborne (partner at Samos Investments), Tom Allason (founder, Shutl), Stephen Romney (CTO, Shutl), Jack Waley-Cohen and Michael Dent (co-founders, what3words) and Hugo Adams (co-founder, 3 Kinds of Ice) among investors.

An ever growing market, the rapid rise of Airbnb has spawned several highly successful start-ups in recent years – with many helping the average homeowner become an Airbnb host. Such businesses include Startups 100-listed Hostmaker and Airsorted.

The former, which has raised over £7.5m, serves as a hospitality management service and helps Airbnb hosts manage everything from property photography to pricing, in-person check-ins and maintenance, while the former optimises listing to ensure maximum earnings for the homeowner.

Westlake said: “Shorter-term rentals and the sharing economy are shaping the future of the residential property sector. This is a seismic shift, yet the industry is proving slow to adapt.

“Our platform now provides estate agents and property managers with an immediate means of tapping into this growing market.”

Bruce continued:

“Lavanda’s innovative proposition to tenants, landlords and estate agents creates genuine value for all constituents.

“By tapping into the changing way people are living and working, this business has the potential to develop into a major player within the residential market. I’m delighted to be involved at this exciting time for the company.”

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