PropTech startup Goodlord has raised £7.2m in Series A funding from Ribbit Capital and existing investors LocalGlobe and Global Founders Capital.

The startup, which closed a £2m Seed round last year, will use the funds to improve its proprietary technology and double its team.

Goodlord brings together tenants, landlords and letting agents through the cloud and claims to have processed more than £200m worth of tenancies to date.

Richard White, chief executive and co-founder, said: “Generation Rent has been getting a raw deal up to now. Not only are they priced out of buying a home, they are often having to deal with slow, shoddy service when they try to rent a place.

“This funding will allow us to move to the next stage in our plan to revolutionise the way that rental property lettings are done, taking away the pain for both landlords and tenants,” White added.

The company claims to allow tenants and landlords to complete a letting within hours while helping them save between 50 to 75% in administrative costs.

George Henry, partner at LocalGlobe, also commented on the firm’s potential: “For people under 37, the rental property market is the property market. Goodlord is developing products that can serve agents, landlords and tenants, all from the same app.

“For too long, tenants have been poorly served by this market, Goodlord will make it more transparent and efficient and is already proving extremely popular with agents and landlords across the country,” Henry concluded.

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