PropTech company Goodlord has closed a Series B funding round at £7m.

This latest round,  which follows on from the company’s £7m Series A round in 2017, was led by investor Finch Capital. Existing investors, Rocket Internet and Global Founders Capital, also contributed.

Goodlord has developed a software platform to make renting more simple, accessible and transparent for letting agents, tenants and landlords. The technology streamlines the tenancy application process by putting it in all one place. This includes; digital contract generation and signing, comprehensive referencing, and further products and services such as landlord and tenant insurances, utility and media-switching services.

The co-founder of LOVEFiLM, William Reeve, was appointed as CEO in January 2018. Commenting on the capital raise, Reeve said: “Renting is one of the world’s oldest markets, but thanks to Goodlord it is now changing rapidly to make the process efficient and more transparent. With this new funding we will continue to pioneer a better, simpler and more transparent approach – one tailor-made for Generation Rent.

“We are delighted to have attracted Finch Capital as an investor and have the support from existing investors, Rocket Internet and Global Founders Capital,” he added. 

The latest £7m will help Goodlord to further develop its proprietary technology as well as to build new products. The company hope this will also help it to grow its customer base.

Global investor Finch Capital, who led the round, focuses on FinTech and innovation-led businesses. It’s previous backings include Zopa, digital mortgage broker, Trussle, share trading platform, Bux and a blockchain real estate trading platform, Brickblock.  

Finch Capital partner Radboud Vlaar, will join the Goodlord Board following this news. He commented: “The UK rental market is large with over 5.5 million households and has significant opportunity for the digitalisation of processes and transparency.  Goodlord’s technology-led offering, its strong momentum and combined with the experience of William and his team is highly compelling to build a sizeable business in this space.”