Vesta, a new digital marketplace for property rentals, has raised £2.1m in Seed funding at first close.
This latest round of funding will allow Vesta to enhance its core product offering and roll-out across the UK.
Having launched this month, Vesta says it has already secured the marketing rights for almost 200 tenanted properties, which are collectively worth more than £50m.
Investors in the company so far include Bob Wigley, chairman of UK Finance and ex-chairman of Merrill Lynch EMEA; Chris Lacey, until recently head of residential capital markets at CBRE; David Ritchie, former CEO of Bovis Homes; Keith Morris, former chairman and co-owner of Sabre Insurance; and David Toplas, Vesta’s founder and CEO of Mill Group.
Russell Gould, Vesta’s CEO, said:“I’m delighted with the support received from both existing and new investors. We have a first-class shareholder base, having attracted an incredible calibre of investors who bring far more than just funding, but add invaluable intellectual capital too.
“Our investors share our belief that Vesta’s innovative marketplace will revolutionise the private rented sector, bringing together house builders, buy-to-let sellers, buyers and property investors and removing significant market inefficiencies.”
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Vesta’s management team, which includes property and FinTech entrepreneurs, launched the marketplace in a bid to support growing institutional investment, which could potentially bring the UK’s private rented sector more in-line with the US and other European markets.
Vesta’s round, which is yet to close, comes after another PropTech startup (Homie) raised $4m to help Londoners find a rental property.
Fellow property tech firm Ahauz launched after raising £2.9m from investors including Forward Partners last month.
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