UK-based Bricklane, an online property investment platform, is launching this week and has announced a funding round of £1.3 million from Zoopla Property Group and LocalGlobe.
Bricklane’s service is aimed at renters that some day want buy their own home. They can invest in the platform and this money is pumped into rental properties for tenants. In one example, Bricklane claims investors can see a 6.3% return on their investment. With its launch, the startup is making property in Birmingham, Leeds, and Manchester available to invest in with London to come in the future.
The startup was founded by Simon Heawood and Tom Cavill who identified a growing number of renters, increasing housing prices, and dwindling ownership figures as a problem they could solve through property technology.
Bricklane has recruited a board and advisors from the real estate industry to guide it moving forward, including former and current executives and directors from Salamanca Group and CBRE Global Investors.
“The problems facing ‘Generation Rent’ are all too familiar. With Bricklane.com, we want to support renters in doing something about it. Our aim is to help those saving for a first home to get on the ladder years earlier than they would by saving with cash,” said Heawood.
“Bricklane.com’s product is an elegant, tech-enabled answer to the problems of the housing crisis, and could help a whole generation of people who feel shut out of the market gain an entry,” added Robin Klein, LocalGlobe founding partner.
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