UK PropTech platform Lavanda has closed a £1m Angel round from backers including Kenny Bruce, the founder and CEO of Purplebricks.
Other investors included Sir Terry Leahy, the former CEO of Tesco; Harry Hill, the founder of Rightmove; Bill Currie, the founder of VC firm William Currie Group; and Anthony Nutt, fund manager at Jupiter Asset Management.
Lavanda will use the cash to expand its B2B offering for estate agents and property managers.
Lavanda’s co-founder Guy Westlake spoke about the raise: “Shorter-term rentals and the sharing economy are shaping the future of the residential property sector. This is a seismic shift, yet the industry is proving slow to adapt. Our platform now provides estate agents and property managers with an immediate means of tapping into this growing market.”
Bruce explained why he decided to invest in the PropTech startup: “Lavanda’s innovative proposition to tenants, landlords and estate agents creates genuine value for all constituents.
“By tapping into the changing way people are living and working, this business has the potential to develop into a major player within the residential market. I’m delighted to be involved at this exciting time for the company.”
Hill, who has been appointed chairman of Lavanda, added: “With a first-mover advantage and proven demand for our service, we’re confident that we can maintain our strong growth trajectory and create significant new value for our clients and industry partners. I look forward to working closely with the founders, the management team and our investors, and thank them all for their ongoing support. Exciting times are ahead.”