Following the launch of its Seedrs public crowdfunding round on 24th January 2023, online lettings platform lettingaproperty.com has already achieved over 100% of its £850k funding target. The target – which includes an initial raise of £750,000 from the MEIF Proof of Concept & Early Stage Fund, managed by Mercia and part of the Midlands Engine Investment Fund, and Mercia’s EIS funds – has now been uncapped, as the Seedrs campaign approaches its final week.
Jonathan Daines, Founder and CEO, lettingaproperty.com, says: “We are delighted with the appetite that has been shown for investment in lettingaproperty.com as a result of our public crowdfunding campaign. Given the strong demand from investors, our board has unanimously agreed to extend our initial funding target.”
The lettingaproperty.com business model has already resulted in impressive organic growth. The company manages more than 1,500 rental properties across England, Scotland and Wales and has seen 80% subscriber growth over the last two years. This resulted in £1.1M revenue in 2022, £800,000 of which was recurring revenue from its fixed-fee subscriptions.
Detailed budget plans are in place, with a focus on driving marketing activity to further boost recurring revenue and capture greater market share. Funds raised will also fuel the firm’s ambitious technology roadmap, while supporting the recruitment of specialist roles across the organisation.
“In the UK, one in five homes are rented”, Jonathan continues. “Traditionally, around 95% of these are let through high street agents, who can charge more than 15% of rental income in fees alone. There is growing demand, particularly during these tough economic times, for a lettings service that saves landlords money while providing greater visibility, control and financial protection. We are excited to be in a position to meet this growing demand.”
Having recently launched its new SaaS rental platform, lettingaproperty.com enables landlords to efficiently manage the end-to-end letting process online. The innovative platform includes digital wallets, OpenBanking, and instant messaging to support secure tenant-landlord communications. It also has built-in legal compliance, plus rent protection, giving landlords financial peace of mind.
In addition to founders Jonathan and Matthew Daines, the leadership team includes Kevin Neary, Founder of GameStop Group, Matthew Farrow, former Financial Director of Purplebricks, and Stephen Windsor of Mercia Asset Management. All have proven experience of rapidly scaling businesses, and are committed to the success of lettingaproperty.com.