Proptech platform No Agent raises $1.1m and calls for a “rental revolution”
Helping landlords ensure their properties remain profitable, the end-to-end management platform will look to raise Series A funding next year
No Agent, the end-to-end management platform for landlords, has raised $1.1m of investment from private investors including Nick Hynes and Carl Uminski, the co-founders of SOMO.
Looking to create a “rental revolution” and fix what it sees as a broken sector, Shoreditch-based No Agent's ‘no fees to tenants’ model offers landlords a cheaper way to manage every part of the renting process from start to finish – helping to increase their overall returns.
A number of changes within the rental market, such as Section 24 which reduces profits for landlords, or the PRA, which restricts how much they can borrow, has forced many landlords to consider leaving buy-to-let in favour of more lucrative sectors.
No Agent says this could have hugely detrimental effects on the supply of properties for tenants across the UK, and are keen to provide landlords with the tech needed to ensure their properties remain profitable.
Claiming its growing by roughly 35% month-on-month for the last six months, No Agent recently obtained FCA approval.
Just last month, it also opened an office in Coventry – an emerging proptech hotspot and home to the start-up's 26 year old founder Calum Brannan.
“As a landlord myself, I kept coming up against shoddy letting agents that weren’t transparent, underserviced and were overpriced.
“This is a common problem for both landlords and tenants. We created No Agent as a new alternative that can do everything traditional agents do, and more, at a fraction of the cost.
“We’ve now received approximately $2m in funding in total, and this latest injection will be used for developing our ‘renting as a service’ ecosystem and AI offering, as well as boosting our senior leadership team.
“This will set us up nicely for a Series A funding round next year.”
Nick Hynes said:
“No Agent offers a genuine solution to save landlords time, money and provide flexibility. We believe ‘renting as a service’ is the direction the market will move in, and No Agent was set up to achieve this and lead the market.”