Goodlord has announced the successful close of its Series B funding round. The latest round led by new investor Finch Capital, supported by existing investors, Rocket Internet and Global Founders Capital, generated £7m in funding. This follows on from a previous £7m Series A round in 2017.
Backers of the Series B round also included peer-to-peer lending company, Zopa; digital mortgage broker, Trussle; share trading app, Bux and blockchain real estate trading platform, Brickblock.
Founded in 2014, Goodlord’s software platform allows letting agents to streamline the tenancy application process in one place and includes digital contract generation and signing, comprehensive referencing, and further products and services such as landlord and tenant insurances, utility and media-switching services.
The new funding will be used to build new products, grow its customer base, and invest in the further development of Goodlord’s proprietary technology to achieve its mission of making renting simple and more transparent for letting agents, tenants and landlords.
2018 has seen significant change at Goodlord, including the appointment of new CEO, William Reeve, a well-known technology entrepreneur and angel investor. Reeve, who co-founded LOVEFiLM, and has been involved with other successful tech businesses including Graze.com, Secret Escapes, and Zoopla.
Since Reeve’s arrival in January 2018, the business also appointed a new CTO, Donovan Frew, and has rolled out a variety of improvements to its technology. These improvements include a partnership with True Layer to provide Open Banking.
Goodlord says it is on track in 2018 to grow its tenancy volumes by over 90% and its revenues by around 80% from 2017.
Commenting on the capital raise, William Reeve, CEO of Goodlord, said: “Renting is one of the world’s oldest markets, but thanks to Goodlord it is now changing rapidly to make the process efficient and more transparent. With this new funding we will continue to pioneer a better, simpler and more transparent approach – one tailor-made for Generation Rent.”