Balderton Capital takes a shine to property start-up Rentify
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A start-up which aids property landlords in the process of marketing and managing their sites has been added to Balderton Capital's portfolio through a £2 million deal.
London-headquartered Rentify has closed its Series A funding round and added £2 million of development capital to its coffers.
The business, which is less than a year old, helps landlords, market, manage and make money from their properties. It works through a software platform and has, to date, attracted 60,000 users with some £100 million worth of rental properties moving through its system.
Balderton Capital, which has previously backed the likes of betting site Betfair, short-term lender Wonga and movie rental service LOVEFilLM, is providing investment funds so that Rentify can grow its London team and increase the speed of development of its new products and services.
The start-up's CEO, George Spencer, says that he is 'thrilled' to have secured the support of Balderton.
'[Balderton] share our passionate belief that many landlords and tenants are not well served by existing services in this market,' he adds.
'We want to bring transparency to a rapidly growing sector that badly needs it.'
Balderton's last investment came back in early December when it supported a business founded by four ex-Google product, marketing and engineering executives. Their QuBit company provides website optimisation products and secured $7.5 million (£4.65 million) of venture capital funding to go with the $1.35 million it received from Westminster Growth Capital in October 2010.
More on Balderton Capital deals:
- Wonga investor backs archify with seed with seed funding
- Livebookings gets its teeth into new £15 milliion VC round
- Atlas and Balderton back Psykosoft
Commenting on the deal with Rentify, Tim Bunting, partner at Balderton Capital, says, 'We're investing in Rentify because it's an exceptional team and undoubtedly the leading company in this space, having already signed up an impressive number of users in under a year.
'Rentify fits the bill for Balderton as a fast-growing, disruptive company that is bringing a fresh, new way for doing business to a large and established market. We believe that Rentify will transform the rental market in the UK.'