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London-based proptech Homeppl secures £1M to make rentals easy

Image credits: Homeppl

Homeppl, a London-based startup that makes rentals easy for everyone, with less bureaucracy and more automation, has secured $1.4 million (approx £1 million) in funding at a post-money valuation of $13.5 million (approx £9.7 million).

The round was led by Hong Kong-based VC ParticleX and Venionaire Ventures on behalf of the European Super Angels Club. The latest funding brings the total seed funding to over $5 million (approx £3.6 million). 

How will the funding be used?

The company will use the funding to expand its customer base, drive innovation and support international growth. The UK proptech company also plans to double its team of 30+ strong professionals within the next year.

Equality of opportunity

Homeppl was founded by Alexander Siedes, who drew on his experience working in military intelligence in Israel to develop the platform and experienced the unfair reality of the market firsthand when moving to the UK for his BSc and MSc. 

The company leverages open banking, proprietary behavioral analysis, and fraud detection tests to assess the financial situation of the potential tenants and their ability to afford rent. 

In 2021 alone, Homeppl has protected its clients from potential losses of more than £3 million.

Significant growth

The company has seen significant growth over the last year particularly as lockdown measures eased across the UK. Working with its existing partners, such as JLL, Chesterton, Quintain, and more, Homeppl’s solution aims to bring equality of opportunity to renters while allowing their partners to safely transact with consumers. 

Commenting on the investment, Mingles Tsoi, CXO at ParticleX, said: “We’re thrilled to be supporting Homeppl through their next stage of growth. Homeppl’s proposition is compelling and we’re confident that Alexander and the senior team will continue to move in an exciting direction. The adoption of PropTech is urgently required to transform the way the real estate industry operates and improve work efficiency, while at the same time, creating value and reducing risk.

Berthold Baurek-Karlic, Managing Partner at Venionaire Capital and President of European Super Angels Club added: “The entire team and I are very proud to become part of Homeppl’s growth story, particularly at such an exciting stage in the company’s life cycle. Alexander and the team are extremely passionate about the work they’re delivering and its unique technology for the rental market. This company has everything needed to become a unicorn one day.”

Alexander Siedes, CEO and co-founder of Homeppl, said: “This funding provides strong vindication of our proposition and the impact we are having on the market, bringing huge value to tenants, landlords, and agents alike. The team at Homeppl is acutely aware of the problems renters and landlords face which is why we are determined to change the way things are done for the better. That is exactly what this investment is all about.”

“We have raised double what we expected, which will enable us to innovate and grow faster than we could have anticipated. Most immediately, we will soon be launching into several European cities, and I am grateful for the support from our investors as this will enable us to springboard into the next chapter.”