OpenRent

Online letting agent OpenRent has raised £4.4m in funding from Rocket Internet’s VC arm Global Founders Capital.

The news comes after the London-based firm raised £1m in equity from Northern & Shell Ventures in August 2014.

Founded in 2012, the firm says it will use the funding to expand its team and to further product development.

OpenRent co-founder, Adam Hyslop, commented on the news: “Our success to date has been based on the twofold approach of saving landlords and tenants thousands of pounds in fees, while also delivering a significantly better service enabled by technology.

“This funding will allow us to grow our team in London – we want to expand our team of top developers to build our big ideas, and this gives us the extra resources and confidence to do so,” the co-founder continued.

The PropTech company seeks to make renting less stressful, by allowing landlords to find tenants and helping the latter find places to rent.

Daniel Jones, managing partner at Global Founders Capital, spoke about the investment, noting how the deal represented the next phase of growth for the London firm.

OpenRent‘s announcement comes amid a wave of investment into UK PropTech firms including BrickVest’s recent £2m raise, Trussle’s £4.5m round and Habito’s £5.5m Series A.

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