Goodlord, the new cloud-based software revolutionising the way property is transacted, has raised a seed round for an undisclosed amount led by Charlotte Street Capital, with additional funds from key angel investors.The company will use the funds to address the staggering demand, and to build out its sales teams and grow its business and operations.
“Goodlord has seen an incredible uptake since day one, and with today’s funding round we’re in a position to take the company to its next stage of growth” says co-founder and CEO Richard White. “Our vision is to revolutionise the way property is transacted, both rentals and sales. The property market is notoriously fragmented and the paperwork is still incredibly slow and inefficient. Goodlord is on a mission to fix that by creating a uniform transaction standard for buyers and renters, and ultimately becoming the transaction gateway for property rentals and purchases.”
Goodlord offers a better way to transact property. For estate agents using the technology, the company generates and processes all necessary documents electronically, significantly minimising the time, cost and effort usually required to complete the administrative steps. Similarly, for tenants and landlords, the procedure is streamlined and handled fully online via the Goodlord platform, from contracts and signatures, to reference checks and deposit payments. According to company data, the time required to complete the typical tenancy agreement paperwork is reduced to 15 minutes on the platform, down from an industry average of 4 hours.
“Roughly 1.7 million tenancy agreements are signed across the UK alone every year, in a market that is estimated at £750 million per annum, said Bo Pedersen, Partner at Charlotte Street Capital. “By bringing the entire experience online, Goodlord offers a perfect product-fit to improve the overall process of transacting property. The company has tremendous potential to become a leading player in the property technology market.”
“Goodlord is well positioned to scale rapidly and to disrupt one of the world’s largest markets,” said Bo Pedersen. “The founders come with a wealth of expertise in the real-estate sector, and the product is already showing the early signs of an industry game-changer. I’m very excited to be working with the Goodlord team and to contribute to accelerating their success.”
To date, Goodlord is Europe’s fastest growing and largest PropTech startup in terms of total amount of fees transacted, with £6m in tenancy and deposit fees processed since launch.