Property management solution for landlords, No Agent, has bagged a $1.1m investment from a group of private investors.
Among those that contributed to the round included SOMO co-founders Nick Hynes and Carl Uminski.
UK-based No Agent is a property management application that allows landlords to manage their assets throughout the renting process. Through the platform users will be able to find new tenants, set up viewings, carry out credit and reference checks, set up repairs, keep up with rent payments and ensure everything is fully compliant with regulations.
Over the past six months the company has had a 35 per cent month-on-month for the past six months. The company recently secured an approval from the FCA and opened a new office in Coventry.
With this line of capital, the company will aim to further development of its â€˜renting as a serviceâ€™ solution and its AI capabilities. Funds will also be used to boost its senior leadership team.
SOMO co-founders Nick Hynes said, â€œNo Agent offers a genuine solution to save landlords time, money and provide flexibility. We believe â€˜renting as a serviceâ€™ is the direction the market will move in, and No Agent was set up to achieve this and lead the market.â€
The company has now raised around $2m in total funding, and is looking to launch a Series A next year. Earlier in the year, the company closed a crowdfunding campaign on Â£584m, which valued the company at Â£4.2m.Â
So far this year the UK PropTech sector has seen less than half of the funding it recieved in 2016 for the same period of time. In the first three quarter on 2017 a total of $1.1bn was invested, while $2.7bn invested last year.
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