A London-based PropTech startup Mashroom, which delivers an end-to-end automated lettings and property management service, has raised 4m GBP from BBB’s Future Fund and current investors, bringing their total funding to £7 million.
Mashroom goes beyond the tenant-finding service and incorporates the entire rental lifecycle all under one roof, from property advertising, arranging viewings, credit history checks, maintenance, to end of tenancy, and handling potential disputes between landlords and tenants.
The self-service platform enables landlords to list their property and for tenants to rent it easily. The whole process including time spent on credit and reference checks can take less than 2 hours, as the platform also allows to sign rental agreements and renew contracts online in just a few clicks.
Mashroom has also developed a Deposit Replacement Product, an alternative to the traditional deposit, that sees tenants simply pay one week’s rent while offering landlords even more protection than a regular deposit – up to 12 weeks protection compared to 5 weeks with a traditional deposit.
This product also reduces the cash burden for tenants as they don’t have to front the deposit and lock it away for the duration of the tenancy.
The platform sits beside Mashroom’s property sales and mortgage business making Mashroom a full-stack residential property platform. The basic service is free for tenants and landlords whilst the company covers its costs via its financial products offering which includes deposit replacement, advance rent, and insurance products. Recent funding will help the company accelerate its growth and invest in further enhancing the platform.