This round of investment is backed by investors including Andrew Weisz of Weisz Investments and Michael and Simon Blakey of Avonmore Developments. In addition to investment, Blakey has joined Reposit’s board.
The new round brings the total amount raised to date to £950,000, and will be used to scale the team and business, across the UK rental market.
Founded in 2015, Reposit is is considered to be the first in the growing deposit replacement sector in residential lettings. Tenants purchase a Reposit with 1 week’s rent, plus an annual fee of £30 should they stay for more than 1 year in the property. The landlord becomes a named beneficiary on Reposit’s insurance policy and is protected for up to 6-week’s rent, for anything a deposit would have covered.
Earlier this year the team decided to take the product offline to focus on improving the service, working with the FCA Innovation Hub and analysing claims data whilst also taking the opportunity to welcome Lorraine Mullins, former Global Chief Compliance Officer at XL Catlin as Head of Compliance.
Reposit has since re-launched in partnership with global specialty insurer, Canopius Managing Agents.
Reposit’s CEO and co-founder, Jude Greer, commented: “Whilst numbers were fantastic and both landlords and tenants were happy, the market has become more competitive. We made a strategic decision to pause and work on our product and offering, analysing the check-out and claims data of our initial tenant customers.
“Efficiency in dispute resolution and the check-out for all parties involved will be the key area where our sector is judged. Having had hundreds of tenants leave properties via Reposit for just over a year now, the learnings we’ve made and improvements to the system are invaluable.”
Andrew Weisz of Weisz Investments, who has re-invested into Reposit said: “Having worked with Reposit over the last two years I was happy to have the opportunity to invest again as the business begins to scale. As the UK government increasingly focuses on the efficiency of the private rented sector, deposit replacement is rapidly coming to be seen as a key area of innovation. Reposit are ideally positioned to succeed in this space. ”
With over 200 agencies in the UK now using the service, this latest round of funding will allow Reposit to bring on new talent and create further products for its customers. To date, Reposit has saved its users £1.3m on deposits.