Lettingaproperty, a UK-based Proptech, is looking to raise £850,000 on Seedrs.
Recently launched, the securities offering has almost raised its funding target. As of today, over £800k has been raised, backed by 123 investors.
According to the offering page, Lettingaproperty is offering equity at a pre-money valuation of £5.2 million for a 14.06% ownership stake in the firm.
The securities offering is a Seedrs nominee, EIS qualified and authorized for Seedrs Secondary Market.
Mercia, an asset manager, is a co-investor in the funding round.
Founded in 2008 and thus 15 years old, the company aims to simplify the rental process for apartments and homes. Created by Jonathan Dains, his frustration with the traditional letting process led him to launch the firm providing landlords with an alternative and digital process.
Boosted by the rise in Airbnb and the increased demand for short-term rentals, Lettingaproperty looks to leverage the funding round to capture more of the market.
The company reports there are 4.4 million homes in the UK private rental sector driving a market of around £1.2 billion. Lettingaproperty holds a small 0.1% share of the market or around 1500+ rentals.
The company utilizes a tiered subscription model for its revenue and reports approximately £800,000 in reoccurring revenue in 2022 (and £24 million in rent). The company aims to capture 1.2% of the market or 10,500 new clients.
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