Ideal Flatmate, which helps UK consumers find flatshares based on compatibility and living habits, has closed its second funding round, taking its total investment to date to £1.25m.
The startup raised £750,000 as a top up to its Seed round – which closed last year – and is now valued at £3.75m post-money.
Borne out of founders Tom Gatzen and Rob Imonikhe’s frustration about the lack of available options people to find suitable flatmates, Ideal Flatmate says it’s seen rapid growth over the past year and claims that 2,000 new properties are added to its system every month.
The money will used to hire, grow its user base and boost the implementation of machine learning into its platform.
Gatzen commented on the news: “This funding is a huge vote of confidence in the business and we are excited to continue building a credible alternative to help Generation Rent find their perfect flatmates.
“The past 12 months have been an incredible journey and our team have performed remarkably in shaping the product, staying close to our users and making constant improvements to the platform. We can’t wait to increase the speed of our growth and provide London and the UK with the flathsharing platform it deserves!”
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Alongside the funding announcement, Ideal Flatmate said its advisory team is being strengthened with a few key additions.
David Pollock, an investor and founder of Greene & Co will join the management board; and Edd Read will come onboard as a technical advisor.
“The next stage of progression is an exciting one for the business as we deploy our growth strategies over the coming months. This funding round will help us continue to build a strong team and fast-track our drive to onboard more users,” concluded Imonikhe.
The investment came from Ideal Flatmate’s existing backers, all of whom significantly increased their stakes in the company.