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Property technology company Goodlord, which provides software and services to transform how people rent, has been backed by some of the UK’s most respected investors in a  £10m Series B round.

Goodlord has raised £10m from investors including Latitude Ventures, the Series B+ sister fund to LocalGlobe known for backing scaling European success stories such as Transferwise, Zoopla, Monzo, TravelPerk, and SecretEscapes.

This round was also backed by Finch Capital, leaders in the European fintech space, and welcomed Oxx as a new investor. Oxx recently raised $133 million to back “Europe’s most promising SaaS companies” at Series A and beyond.

Goodlord’s core platform means the rental process – from contracts and referencing to payments – can be handled through one simple interface, with no need for paper or multiple stakeholders.

This creates a seamless process for what can otherwise be a stressful and bureaucratic experience for tenants. For landlords and letting agents, the technology saves crucial amounts of time, unlocks new revenue streams, ensures compliance with the evolving legislative landscape, and creates opportunities to offer tenants value-add services, such as insurance.

Goodlord will use the funding to invest in its engineering, product, and customer-facing teams.

Julian Rowe from Latitude Ventures, who is joining the Goodlord board, commented: “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.

“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.”

Bob Thomas, Investment Manager at Oxx, added: “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.

“As rentals become 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.

Goodlord CEO, William Reeve, commented: “Last year saw hundreds of businesses join Goodlord and we’re delighted to be starting 2020 by welcoming the investors Latitude Ventures and Oxx Capital.

“Our mission to provide the best rental experience in the world remains as relevant as ever and, with this new investment, we have the tools we need to achieve it.”