Online property management platform No Agent has raised more than £584,000 in a crowdfunding campaign, with contributions from more than 200 investors.
No Agent aims to disrupt the rental market by reducing landlord costs, and eventually replacing the current function of letting agents. The firm claims it is currently valued at approximately £4.2m.
The London-based startup said it will use the investment, raised on crowdfunding platform Seedrs, to develop its artificial intelligence services and expand its online marketing.
Investors include Gillian Kent, former CEO at Propertyfinder.com (acquired by PropTech giant Zoopla), and Nick Hynes, former founder and CEO of Overture Europe (acquired by Yahoo).
The firm’s founder, Calum Brannan, describes himself as a “frustrated landlord”, who previously formed CrowdControlHQ, a risk management software for businesses using social media.
Brannan said the funds will “enable us to further build our market share, find even more exciting ways to implement new technologies including artificial intelligence, shake up the rental sector, and continue to grow our team of experts”.
He added: “We are completely dedicated to shaking up the rental market and replacing the current function of letting agents.”
To check out the latest UK tech investments, visit the Tech City News Investment Tracker.