Rocket Internet and Silicon Valley VC led round into company providing the “transactional architecture” behind renting a place.
Some would call it Proptech, others Fintech, but it’s unlikely co-founder and CEO Richard White is too concerned how you want to refer to startup Goodlord, the “lettings transaction platform”, which has just raised an impressive £7.2m, from not one, not two, but three venture capital firms.
London based LocalGlobe, and Silicon Valley based Ribbit Capital have joined Rocket Internet’s VC arm, Global Founders Capital, who led the round into Goodlord, described by Ribbit partner Meyer Malka as “using technology to build transparency and ease-of-use for one of the most important moments in a consumer life – choosing where to live.”
Not to be outdone, CEO White says he wants to make it “as easy to rent a home as it is to make online payments with PayPal.”
An admirable ambition indeed, and the metrics show that Goodlord are making a good fist of things so far; the firm have worked with 124,071 “happy” landlords and tenants (according to their website at the time of writing), and processed 51,269 tenancies, that’s just over £26 million in cash transacted across the platform, in an average time of just 48 hours.
Currently, the only package available for Goodlord subscribers is “Pro”, which starts at £125 per month, but an enterprise deal is in the offing, and doubtless some of the money raised will go towards building out the offering and growing a team that is already approaching 50 people.
Goodlord provides services like payment processing, built in e-signing, tenancy services, and deal transparency, allowing stressed lettings agencies and their prospective tenants to outsource their peace of mind to Goodlord, as well as their checks, balances, and processes.
The company raised a £2m seed round back in May last year, backed by GFC and LocalGlobe, and completed a seed in July the year before that courtesy of Charlotte Street Capital.
Tech City UK identified Goodlord as one of 33 “startups to watch”, at the beginning of 2017, and it seems they were right.
The firm has rolled out its white-label solution to 355 estate agencies across the UK, aiming to make the sector seamless, and paperless.
The Whitechapel based startups’ platform is slick, and the UX / UI reminds us of Airbnb.
Another feather in the cap for London’s prop-tech / fin-tech industry – lets’ call it fintech, the sector could do with some positive news after seeing investment drop by a third last year.