PropTech startup No Agent has raised $1.1m (£840,000) to scale its renting service as a platform for landlords.
The startup raised from private investors including Nick Hynes and Carl Uminski, co-founders of SOMO.
“As a landlord myself, I kept coming up against shoddy letting agents that weren’t transparent, underserviced and were overpriced,” said Calum Brannan, founder of No Agent. “This is a common problem for both landlords and tenants. We created No Agent as a new alternative that can do everything traditional agents do, and more, at a fraction of the cost.”
No Agent says it has been growing at approximately 35% month on month for the past six months. It recently obtained FCA approval and opened an office in Coventry, Brannan’s home town, last month.
“We’ve now received approximately $2m in funding in total, and this latest injection will be used for developing our ‘renting as a service’ ecosystem and AI offering, as well as boosting our senior leadership team. This will set us up nicely for a Series A funding round next year,” the founder added.
Hynes spoke about why he decided to invest in the young company: “No Agent offers a genuine solution to save landlords time, money and provide flexibility. We believe ‘renting as a service’ is the direction the market will move in, and No Agent was set up to achieve this and lead the market.”
No Agent raised £584,000 via crowdfunding in April.
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