lettingaproperty Secures £900,284 from 291 Investors via Seedrs

lettingaproperty.com says it’s on a mission “to become the go-to destination for renting.”

The firm has raised 105% of its £850,003 target via Seedrs at the time of writing. As noted in the update, the offer is set to be closing soon.  At present, £900,284 has been secured by lettingaproerty.com from 291 investors.

Located in Henley-in-Arden, United Kingdom lettingaproperty.com operates in the  Property (Digital B2C) sectors. Incorporated in August 2008, the firm reports a Valuation (pre-money) of £5.2M; Equity offered: 14.77%; a share price of £4.15; Tax relief; EIS.

As noted in the update, Co investor Mercia is “a specialist asset manager with a focus on regional businesses seeking venture, private equity or debt finance to scale their businesses.”

Business Highlights are as follows:

  • £1.1m turnover in FY22, £800k in Annual Recurring Revenue*
  • 20K registered landlords, 1,500 managed properties across the UK
  • Strong leadership backed by a team of experts & excellent service
  • Innovative rental platform & proven recurring revenue model

Key features: Secondary Market;  Seedrs nominee min. £12.45 +;

As mentioned in the announcement, tndustries such as banking, retail and travel have successfully “transitioned from bricks to digital.” Boosted by Airbnb’s recent success in the short-term homestay market, landlords are now “waking up to the benefits of letting online.”

Founded in 2008 by Jonathan Daines, lettingaproperty.com offers “a smarter way to let property, where landlords can get their rent paid on time, legal protection and home emergency cover – all backed by excellent lettings support.”

As noted by the firm:

“We’ve grown steadily over the years, refining our offering and proving our recurring revenue model. We’ve assembled a strong leadership team and a board of advisors with proven experience of rapidly scaling businesses. And we’ve built an innovative SaaS rental platform.”

The company added:

“On the back of our successful £750K capital raise from Mercia Asset Management, we’re extending this opportunity to our landlord and tenant community, plus a wider investment audience. Everything is in place and we believe the timing is right. Join us, as we aim to become the go-to destination for renting.”

As noted in the update, there are reportedly ‘around 4.4 million homes in the UK Private Rented Sector (PRS). 20% saw new tenancies in the last year, creating a Serviceable Available Market of over £1.2 billion in annual letting fees and 890K new moves that could be managed through our platform.”

lettingaproperty.com currently “owns just over 0.1% of this market. So we’ve only scratched the surface.”

Currently, that percentage “equates to more than 1,500 properties managed across the UK, with each landlord on one of our three paid subscription plans.”

This proven business model “produced around £800,000 in recurring revenue in 2022*, and we’ve seen 80% subscriber growth in the last two years.” Additionally, they offer “a range of landlord products and ancillary services.”

They plan “to service 1.2% of the rental market.”

That’s 10,500 new clients on subscription plans. And a strong growth story as they “journey through future funding rounds.”

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