Goodlord raises capital to support future acquisitions
Goodlord has raised a fresh round of funding to support future acquisitions, following the successful integration of Vouch and acasa into the Goodlord Group.
Property technology company Goodlord has raised £27 million in a new round of capital to expand the products and services it offers to agents, landlords and tenants, as well as to support more strategic acquisitions to further develop its offering to customers. The round was led by Highland Europe and supported by Columbia Lake Partners, alongside existing investors Finch Capital, Latitude, and Oxx.
This investment follows a record period of growth for Goodlord, which has supported more than 1 million landlords and tenants throughout the UK via its software and services, and currently processes over £1 billion in payments annually on behalf of several thousand letting agents.
The funding will be used to facilitate acquisitions of companies whose technology or services will add value and improve outcomes for Goodlord's customers.
This follows the Goodlord Group’s 2020 acquisition of leading reference provider Vouch, a move which enabled customers to benefit from the full array of the two companies’ product offerings. Tenant-facing bill-splitting app acasa was acquired in 2021.
The funding will also be used to increase the size of the Goodlord product and engineering teams, so it can continue to grow and improve its portfolio of products and services built in-house, and expand its offering and value to its letting agent customers through more integrations.
This follows a rapid expansion of the company’s product offering over recent months, with customers now able to access a suite of award-winning insurance products for both landlords and tenants, rent collection tools, and landlord onboarding services.
Goodlord also plans to use the funds to launch its own tech academy to support the career development of entry-level software developers through mentoring and work experience.
Goodlord now employs more than 300 people in the UK and, as part of this investment, the staff option pool will be expanded so all team members can share in the company's success.
William Reeve, CEO at Goodlord, comments:
“As we continue on our mission to build the best rental experience in the world, this strategic investment will allow us to do more for our customers, faster. Thanks to the backing and expertise of Highland Europe and Columbia Lake Partners, we can now increase the pace of our product development, new integrations, and acquisitions, and double down on our vision to facilitate an end-to-end lettings solution, which includes everything from property management, inventories, and move-in services, to insurance solutions and CRMs. These services will be underpinned by best-in-market technology and leading industry expertise and ultimately, support millions more tenants, landlords, and letting agents through the rental process."
Laurence Garrett, Partner at Highland Europe, comments:
“Renting a property was once a complex, stressful transaction mired in paperwork and obscure fees for all parties. Goodlord's software has completely transformed the experience, simplifying and streamlining each transaction and reducing the time taken to agree a rental to minutes, rather than weeks. With the private rental market projected to continue to grow, Goodlord's software has the potential to improve the lives of millions of people.
"I'm looking forward to working closely with William and joining this highly experienced board to help guide the Goodlord team as it expands its reach throughout the UK, both through organic growth and strategic acquisitions.”