Letting agent OpenRent clinches £4.4m investment

London-based company will use funding to expand its team and accelerate product development

OpenRent, the online letting agent, has raised £4.4m in funding from Global Founders Capital.

Launched in 2012, London-based OpenRent is an online platform for finding, advertising and managing rental property, charging no fees to tenants and helping landlords with referencing, contacts and deposits.

The company claims to have become “the largest letting agent in the UK” and is available nationwide.

Following a “multi-million” pound investment in 2014, the finance will be used to grow its London team, hiring new developers to accelerate product development and build new features.

Adam Hyslop, OpenRent co-founder, commented: “Our success to date has been based on the twofold approach of saving landlords and tenants thousands of pounds in fees, while also delivering a significantly better service enabled by technology.

“This funding will allow us to grow our team in London – we want to expand our team of top developers to build our big ideas, and this gives us the extra resources and confidence to do so.”

Daniel Jones, managing partner at Global Founders Capital, commented: “This deal represents the next phase of growth for OpenRent, allowing them to build out their team, launch new features and extend their lead as the leading letting agent in the UK.”

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