Goodlord, a UK based startup that is pioneering a platform that can handle transactions and the ‘paperwork’ normally associated with renting a home, has managed to rake in £7.2 million in Series A funding. Rocket Internet’s GFC led the round, with existing backer LocalGlobe and new investor Ribbit Capital also participating.
Goodlord is giving another take on the Rental market space, presenting a departure from the traditional brick ‘n’ mortar Letting Agents. The firm forms an online equivalent, with Software-as-a-Service designed to support all stakeholders, including traditional high street letting agents, as well as landlords and, of course, tenants.
Ribbit, a Silicon Valley VC that has a name for focusing on the fintech field, participated likely due to the fact that Goodlord has more of a financial tech edge than a property tech one, since the firm wants to be the ‘transactional architecture’ behind rental transactions. This would entail the function of handling (and taking a cut of) payments, as well as offering add-on financial services like landlord insurance. Meyer Malka, partner at Ribbit Capital, commented in a statement:
“We see huge potential for disruption in the way that rental property in the U.K. is transacted. Goodlord is using technology to build transparency and ease of use for one of the most important moments in a consumer life: choosing a home to live in.”
Co-founder and CEO Richard White wants to see Goodlord become the PayPal of renting homes. He said:
“We want to take away the stigma of renting and professionalise the service tenants and landlords receive through lettings agents,” he says. “At the same time, we can significantly cut costs and administration for agents by automating and digitising the entire letting process”.
Currently, Goodlord provides a white-label platform for 355 estate agencies nationwide, both online and traditional letting agents. These include Sothebys, Strutt & Parker, Life Residential, and Remax, and also features much smaller independents.
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