Goodlord raises £10 million to accelerate digitisation of renting

Goodlord has raised over £10m in a Series B funding round.

Hundreds of letting agents across the UK use Goodlord and the platform is now processing more digital tenancies than anyone else in the market, following a year of rapid growth.

Over the past 12 months, Goodlord has introduced new products and platform updates to help agents and landlords stay compliant following the implementation of the Tenant Fee Ban. It has also expanded its service to cover corporate lets, brought in extended insurance provisions, introduced virtual banking technology for customers, and made improvements to Goodlord Switch - its proprietary utility switching technology.

Following this raise, Goodlord plans to invest more resources in the development of its software and expand the suite of products available to its letting agent customers. This will include more features to ensure that its customers stay compliant with new regulations such as anti-money laundering directives and the forthcoming Renters’ Reform Bill. They will also be introducing new revenue opportunities for agents, as well as adding features to further streamline the rental process.

Goodlord has raised £10m from Finch Capital and Latitude Ventures, the Series B+ sister fund to European VC firm LocalGlobe, known for investments in Transferwise, Zoopla, Monzo, TravelPerk and SecretEscapes. This latest round also welcomes Oxx Capital as a new investor.

Goodlord will also use these funds to invest in its customer-facing teams, so the company can maintain its high customer service standards as its customer numbers grow.

Goodlord CEO, William Reeve, comments:

“We’ve had an incredibly successful past year at Goodlord and we’re delighted to be starting 2020 by welcoming these esteemed investors into the business. The last twelve months saw seismic change for UK letting agents and landlords; change which means saving time, reducing admin, and generating new revenue streams are now more crucial than ever. Goodlord’s technology provides a solution to this evolving set of challenges. Through our platform, agents and their landlords can maintain a viable commercial model at a time of massive industry flux, while also providing a vastly improved experience for tenants.

“This investment means we can continue to support our customers at increased rates of growth and offer a suite of products that keeps up with market and regulatory demand. We’re so pleased to welcome Latitude Ventures and Oxx and to have the continued support of Finch, all bringing with them a wealth of experience when it comes to scaling ambitious companies like Goodlord.”

Julian Rowe from Latitude Ventures, who is joining the Goodlord board, comments:

“For many people under the age of 40 the rental market is the housing market and Goodlord is passionate about modernising it for millions of people. By creating software that increases the professionalism of letting agents and reduces the stress of finding and securing a home to rent, Goodlord is supplying an essential service to meet a key need. With more people predicted to be renting than owning by 2039, we’re delighted to back Goodlord on its mission to create the best rental experience in the world.”

“I’m joining a board that has the sector knowledge, experience and energy to build one of the UK’s most successful property technology companies. The rental market is complex and tenants and agents have multiple needs, which Goodlord’s highly skilled team are addressing while creating a strong, impactful business that improves the everyday lives of many people.”

Bob Thomas, Senior Associate at Oxx, adds:

“Goodlord is a great example of the power of software: to replace complexity with clarity and transparency. By connecting counterparties across the property rental transaction, Goodlord solves a significant problem for agents, landlords and tenants. With UK agents reporting that the greatest pain they face is the back office administration and increasing compliance associated with managing tenancies, Goodlord automates away this administrative burden and, in doing so, makes the rental process simple and transparent for all involved.

“As rental becomes an increasing share of the UK housing mix, the importance of improving the rental transaction for agents, tenants and landlords is enormous. Goodlord is leading this market forward, and we are delighted to back their world-class team as they develop one of the UK's most significant technology businesses.”