UK-based start-to-finish lettings platform Rentd has raised £250,000 at a valuation of £5 million. The fresh capital will enable the startup to begin the roll out of the business across London with the U.K. and international territories to follow soon. Investors in this round include Wealth Management Partners, owners of global advisory firm, the AHR Group.
The newly launched property platform finds and secures tenants for landlords at a fixed fee of just £799, including VAT, only payable once let. This is a considerable saving compared to the typical commission of £1,750 and one that can help boost buy-to-let profit margins following a string of government legislations designed to do the opposite.
The Rentd proposition is not just about saving landlords a lot of money and it is also centered on an end-to-end experience, utilising revolutionary technology to save landlords and tenants time, while creating greater certainty and reliability. Its features include more specific and tenant-friendly search experiences, 3D Virtual walkthrough for every property listed on the platform, tenant referencing and lettings agreement.
Founder and CEO of Rentd, Ahmed Gamal, said: “Up until now, the process of completing a rental transaction from start to finish has been protracted and clunky for both the tenant and the landlord, with it taking a considerable amount of time and effort to gather the fragmented components required from both parties. We’ve spent three years developing the proposition in order to change this and the result is the UK’s first rental platform combining these various components into one super slick user experience.”