OpenRent secures ‘multi-million’ media investment from Northern and Shell Ventures
London-based online letting service to use deal to kickstart national TV campaign
Online rental platform OpenRent has closed an alleged “multi-million” ‘media for equity’ investment from Northern and Shell Ventures.
The deal means that Northern and Shell will subsidise the letting site’s required advertising spend through the use of its own media properties and relationships; Northern and Shell is part of the independent UK media group which runs Express Newspapers, the Health Lottery and OK! Magazine.
Founded in 2012 by Oxford University alumni Daz Bradbury and Adam Hyslop, London-based OpenRent says it is the “future of UK rentals” offering an alternative to traditional property letting agents with an all-in-one rental platform for tenants and landlords.
Its suite of services include property advertising and tenancy set-up, as well as tenant references, property reviews, landlord meet-ups and property rental reservations.
It intends to use the media investment to launch a national television advertising campaign and utilise Northern and Shell’s other publication channels in order to support its expansion and uptake.