lettingaproperty.com launches Seedrs crowdfunding campaign as next phase in growth strategy

• Online lettings platform launched Seedrs public funding round on 24 January 2023
• Investment target is £850K, including recent capital raise from Mercia Asset Management
• lettingaproperty.com has 20,000+ registered landlords and manages 1,500+ properties

Online lettings platform lettingaproperty.com has announced the next phase in its growth strategy, launching a fundraising round with equity crowdfunding company Seedrs. The move follows an initial raise of £750,000 in mid-2022 from the MEIF Proof of Concept & Early Stage Fund, managed by Mercia and part of the Midlands Engine Investment Fund, and Mercia’s EIS funds.

Founded by brothers Jonathan and Matthew Daines in 2008, lettingaproperty.com provides a cost-effective alternative to traditional high street letting agents. The company has grown organically over the years, proving its business model and refining its offering. Today, lettingaproperty.com has over 20,000 registered landlords, more than 1,500 rental properties under management, and collects over £24 million in annual rent across England, Scotland and Wales.

Over the last two years, lettingaproperty.com has seen 80% subscriber growth, generating £800,000 in annual recurring revenue, and £1.1 million turnover in 2022. This represents just over 0.1% of the serviceable available market, so the potential is huge. The aim is to service 1.2% of this market – that’s 10,500 recurring revenue subscribers, and a strong growth story as lettingaproperty.com journeys through future funding rounds.

To support this growth, the company has assembled a strong leadership team, with proven experience of rapidly scaling businesses. This includes Kevin Neary, Founder of GameStop Group, Matthew Farrow, former Financial Director of Purplebricks, and Stephen Windsor, of Mercia Asset Management.

The company recently launched a new SaaS rental platform, enabling landlords to simply manage the end-to-end letting process online. This also provides a marketplace for landlords and tenants to securely connect, with features including instant messaging, digital wallets, and OpenBanking.

Funds raised in this round will support marketing activity and product development – designed to nurture, retain and grow the subscriber base, boost recurring revenue, and capture greater market share.

lettingaproperty.com is on a mission to become the go-to destination for renting. Offering simple rental property management from any device, anywhere, at any time. Potential investors can find out more on the Seedrs campaign page.

“With our proven business model, strong leadership team and innovative rental platform, we’re ready to scale at pace. On the back of our Mercia capital raise, we are excited to open this opportunity to the wider investment community, prove our potential to grow, and progress to the next investment round.”

Jonathan Daines, Founder and CEO, lettingaproperty.com

For more information, please visit www.lettingaproperty.com or call 0333 577 8888.