Findingaplace, a London-based proptech that aims to change the rental process for both renters and letting agents, announced raising over £310k from more than 350 investors, according to Property Industry Eye.
This funding exceeds the £250,000 target the company aimed to raise on the platform Seedrs, during its campaign, which opened to the public in November 2020. The company opened that crowdfund with a pre-money valuation of £1.5 million, following approximately £185,000 in private investment.
“We’re thrilled to have not only reached – but far exceeded our funding target, validating our longstanding belief that there is a better way to connect tenants and agents together,” said founder Mike Savva, who previously served as director of Dixons Carphone.
The company says it will use the funding to support the company’s goal of “eradicating the need for renters to search for properties at all,” with two thirds of the capital earmarked to grow its team and raise consumer awareness. Findingaplace says the rest of the capital will be directed towards platform development, namely enhancing the customer journey and improving agency partner features.
“We all know how tough the London rental market is and Findingaplace simplifies the process, ultimately helping more renters find their dream home whilst also making our agent partners stand out ahead of the competition to prospective landlords and retain more revenue,” Savva said.
Since launching in spring of 2021, the company has had a successful first nine months, with over 22,000 tenants registering and hundreds of agent partnering with the platform, including companies Winkworth, Benham & Reeves, Belvoir and Fine & Country.
Findingaplace now plans to bolster its marketing in order to scale off that success, add more users and create new agent networks partnerships.
“More new property portals aren’t the answer to the disappointment renters experience; in-fact the increasing number of portals actually exasperates the issue. Renters are looking for an alternative and smarter way. Findingaplace is their solution,” Savva said.
In other recent proptech news, Pacaso released its earnings, revealing explosive growth for market’s fastest proptech unicorn. Fortune Business Insights’ newest report also projected the property management market to grow from $3.62 billion in 2021 to $6.16 billion in 2028.