A tech startup that aims to slash estate agency admin has just secured major backing, after rattling through millions of pounds worth of fees in its first few months.
Goodlord, a cloud-based transaction platform that claims to reduce the time it takes to complete the average tenancy agreement from four hours to 15 mins, has already processed £6m in fees since soft-launching in February.
The firm – recently named as Europe’s biggest and fastest growing “PropTech” startup – has just raised a seed round for an undisclosed amount led by Charlotte Street Capital, with additional funds from key angel investors, including the influential Paul Andrew.
The platform generates and processes all necessary documents for agents, landlords and tenants electronically, from contracts and signatures to reference checks and deposit payments.
Co-Founder and CEO Richard White: “Goodlord has seen an incredible uptake since day one, and with today’s funding round we’re in a position to take the company to its next stage of growth. Our vision is to revolutionise the way property is transacted, both rentals and sales. The property market is notoriously fragmented and the paperwork is still incredibly slow and inefficient. Goodlord is on a mission to fix that by creating a uniform transaction standard for buyers and renters, and ultimately becoming the transaction gateway for property rentals and purchases.”
Bo Pedersen, Partner at Charlotte Street Capital: “Roughly 1.7 million tenancy agreements are signed across the UK alone every year, in a market that is estimated at £750 million per annum. By bringing the entire experience online, Goodlord offers a perfect product-fit to improve the overall process of transacting property. The company has tremendous potential to become a leading player in the property technology market.
“Goodlord is well positioned to scale rapidly and to disrupt one of the world’s largest markets. The founders come with a wealth of expertise in the real-estate sector, and the product is already showing the early signs of an industry game-changer. I’m very excited to be working with the Goodlord team and to contribute to accelerating their success.”