Hammock bags ?1m in seed round

UK-based PropTech Hammock has secured ?1m in a seed funding round backed by Fuel Ventures, Ascension Ventures, Founders Factory and several unnamed angel investors.

The startup, which is created to empower landlords and property managers to gain better oversight and financial health over their rental properties, will use the money to fund developments of its solutions, according to TechCrunch.

Having already signed on 1,700 managed properties onto its platform, Hammock plans to add a Financial Conduct Authority-regulated current account for its users. This could set the company up to launch more financial services in the future in the property market.

Hammock already uses open banking to monitor its users’ rent collections, track payments and to provide analysis of users financial health.

?At a practical level, we want to save landlords time and money,Manoj Varsani, founder and CEO of Hammock told TechCrunch. ?As a landlord, I know too well how time-consuming and inefficient it is to manage your properties with spreadsheets, paper notes and to collate data from multiple bank accounts. As a FinTech expert, I realised that landlords and letting agents often rely on archaic technology and havent experienced the benefits of new generation tech solutions.”

Hammock is not the only UK PropTech to have raised money in the past week. Last week, Habito raised ?35m in a Series C round.

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