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Goodlord secures £2 million to improve renting

A startup called Goodlord in London, that aims to be the Amazon of property rentals, has managed to raise £2 million in funding.

The startup helps simplify the renting process via its app which offers users a 'rental passport'. Goodlord's app keeps track of a renters' information, offers the ability to digitally compose tenancy agreements and can be used to handle the necessary deposits and fees associated with securing new housing.

The startup has claimed that its app can cut a renters average moving in time from one week to just 48 hours.

Goodlord was founded in 2014 by a former Foxtons estate agent and was designed with "generation rent" in mind. So far the company, which launched just over a year ago, has been able to raise £2 million in a seed round. Robin Klein's LocalGlobe, which also funded Zoopla and Citymapper, and Global Founders Capital have both invested in Goodlord.

The startup plans on using the money raised in this seed round to hire more staff and to further develop its software. Goodlord has set the rather ambitious goal of signing up 10 per cent of the UK's estate agents by the end of 2016.

Currently the startup has a staff of just 18 people but it is looking to expand its numbers to 35 by the end of the summer. Goodlord has 200 agencies across the country signed up to use its services and it has already processed £17 million in payments. In the future the startup is looking to expand into Europe and offer insurance along with other credit check services to help attract more agents.

Robin Klein explained why he chose to invest in Goodlord: “Generation Rent is rightly demanding better customer service from letting agents. For too long tenants have felt powerless in a market where transactions were anything but transparent.

"We believe that Goodlord can transform the way lettings are carried out across the UK and become the backbone of deals in the rental market.”

Image Credit: 1000 Words / Shutterstock

Anthony Spadafora
After living and working in South Korea for seven years, Anthony now resides in Houston, Texas where he writes about a variety of technology topics for ITProPortal.