UK startup Goodlord, a rental platform for estate agencies, has raised £7.2 million in Series A funding from Ribbit Capital with participation from existing investors LocalGlobe and Global Founders Capital.

Goodlord’s business model involves selling its cloud platform to estate agencies for handling rental transactions and reducing administration costs. Per figures from PwC, 5.4 million homes in the UK are rented in what is now dubbed Generation Rent. Goodlord says it has processed tenancies worth more than £200 million so far.

The company will invest the new funds in improving its platform for landlords and agencies, it said, after previously raising £2 million last year. It plans to double its team by hiring developers, engineers, and sales staff.

“This funding will allow us to move to the next stage in our plan to revolutionise the way that rental property lettings are done, taking away the pain for both landlords and tenants,” said CEO Richard White (pictured).

“More and more people will be renting their homes for longer. They want to see quick, professional and efficient service from both agents and landlords. Goodlord can provide this in a way that is familiar to a generation that expects to complete purchases, order take-aways and hail a taxi using their phone in seconds.”

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