Cardiff-based University Cribs has received £450,000 in Seed funding, hitting a £2m valuation.
The startup, an online platform for student property rentals, received the funds from a range of angel investors including Raffaelle Russo, director of Loc8Me; Dave Harvey and Tom Paine, co-founders of TeamLove; and the co-founders of Thor Companies.
University Cribs will use the funds to expand its geographic reach, while continuing to invest in its proprietary technology platform.
Jack Jenkins, co-founder of University Cribs, said: “Dan, Christian and I are thrilled to have the backing of established entrepreneurs and business leaders within relevant industries – ranging from UK property to student leisure. As the university term starts across the UK, we want to offer students the easiest and most hassle-free route to rental.
“Today’s investment allows us to push ahead with our plans, and make the most of the forthcoming academic year when over 2million students will be considering their accommodation options for the years ahead.”
Tom Paine, investor and co-founder of TeamLove, commented on how the student property market was ripe for disruption.
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“University Cribs is bringing much-needed transparency to the market, and the three founders have taken a smart approach to thinking about what value-added services they can bring to the student market. They have built a nifty technology platform, and have built a trusted brand for the marketplace to allow them to offer more services in the future. I’m thrilled to be on board as an investor – it’s going to be an exciting journey from here,” he added.
Chris Singleton, co-founder of Thor Companies, added: “As three co-founders who started up a business several years ago, we encountered similar challenges and opportunities to the ones facing Christian, Jack and Dan. Having a solid management team will see them achieve great successes as they expand, innovate and grow University Cribs.
“We’ve invested in them as much as the business – they’ve engaged the student population in their brand and their product, and we see potential to support that loyal user base in a few years as they look beyond university towards full-time employment. The obvious synergies with our business, and others in the graduate market, make University Cribs a compelling investment.”