London-based proptech startup Mashroom, which provides an automated lettings and property management service, raised £4 million from the UK government’s Future Fund and current investors, none of which are disclosed.
The new capital, which brings total funding to £7 million, will be used to expand the business and refine the platform. The end-to-end platform covers the whole renter’s lifecycle: from property advertising, arranging viewings, credit history checks and maintenance, to end of tenancy, even handling disputes between landlords and tenants.
Mashroom has also developed a special insurance feature, its Deposit Replacement Product. An alternative to the traditional deposit, the tenants pay just one week’s rent, and landlords are offered up to 12 weeks protection. Underwritten by Arch Capital Group, this product joins the startup’s other insurance services such as rent guarantee and emergency insurance. Contents insurance is underwritten by Ageas.
Founded in 2018, the company also runs a property sales and mortgage business. This new rental service launched in February 2020 and already has 4,000 tenants and landlords on the platform, according to a press release.
Photo: Mashroom team