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Following a successful capital raise of £750,000 with Mercia Asset Management, rental platform lettingaproperty.com has launched a crowdfunding campaign on Seedrs, extending this opportunity to its own community and a wider investment audience.
Founded by brothers Jonathan and Matthew Daines in 2008, lettingaproperty.com provides a cost-effective alternative to traditional high street letting agents. Landlords can get their rent paid on time, plus legal protection and home emergency cover, giving them complete financial peace of mind – all backed by excellent lettings support.
A recently launched SaaS rental platform enables landlords to simply manage the end-to-end letting process online, while providing a marketplace for landlords and tenants to securely connect, with instant messaging, digital wallets, and OpenBanking.
lettingaproperty.com has grown consistently over the years, proving its business model, refining its offering, and delivering excellent service. Today, lettingaproperty.com has over 20,000 registered landlords and manages more than 1,500 rental properties across the UK.
Over the last two years, lettingaproperty.com has seen 80% subscriber growth, generating £800,000 in annual recurring revenue, and £1.1 million turnover in 2022. This represents just over 0.1% of the available market, so the potential is huge.
With 4.4 million homes in the UK private rented sector, and 20% seeing new tenancies over the last year, this creates a Serviceable Available Market of £1.4 billion in lettings fees* with 890,000 annual home moves that could be serviced by lettingaproperty.com.
The aim is to service 1.2% of this market over the next three years – that’s 10,500 recurring revenue subscribers, and a strong growth story as lettingaproperty.com journeys through future funding rounds.
To support this growth, the company has assembled a strong leadership team, with proven experience of rapidly scaling businesses. This includes Kevin Neary, Founder of GameStop Group, and Matthew Farrow, former Financial Director of Purplebricks.
Founder and CEO, Jonathan Daines, comments: “With our proven business model, strong leadership team and innovative rental platform, we’re ready to scale at pace. On the back of our Mercia capital raise, we are excited to open this opportunity to the wider investment community, prove our potential to grow, and progress to the next investment round.”
Funds raised in this round will support marketing activity and product development – designed to nurture, retain and grow the subscriber base, boost recurring revenue, and capture greater market share.
lettingaproperty.com is on a mission to become the go-to destination for renting. Offering simple rental property management from any device, anywhere, at any time.
Learn more about lettingaproperty.com and invest on the Seedrs crowdfunding page: https://www.seedrs.com/lettingaproperty/
*based on average rent figures for SW&SE England
Investing involves risks, including loss of capital, illiquidity, lack of dividends and dilution, and should be done only as part of a diversified portfolio. Please read the Risk Warnings before investing. Investments should only be made by investors who understand these risks. Tax treatment depends on individual circumstances and is subject to change in future. Seedrs or the fundraising business do not make investment recommendations to you and any investment decision should be made on the basis of the full campaign. No communications about any campaigns on Seedrs you receive from Seedrs or the fundraising business, through email or any other medium, should be construed as an investment recommendation.
This article has been approved as a financial promotion by Seedrs Limited on 23/01/23
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