UK-based PropTech startup Hammock swoops up $5.5m

UK-based PropTech platform Hammock has reportedly raised $5.5m in fresh funding, as it strengthens its market position with landlords and accountants.

The investment was led by Fuel Ventures, a UK-based seed venture capital firm, according to a report from Tech Funding News. Other backers included Second Century Ventures and Ascension Ventures.

Hammock is a property financing platform for UK landlords, which has the aim of removing stress from the process.

Through the platform, users can connect multiple bank accounts so they can track all payments in real-time. It also boasts real-time bookkeeping services, such as automated reconciliation of rent payments and property expenses, and tax tools.

Hammock previously raised £1m in its seed round back in August 2020. The capital injection was also backed by Fuel Ventures and Ascension Ventures, among others.

Last week, fellow PropTech company Homelight raised $115m in a round composed of debt and equity. The round was made of $60m in capital and $55m in debt.

Homelight aims to help homeowners sell their property quicker and for more money. It analyses millions of transactions and compares agents to find the best deals for people.

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