Investments

UK’s OpenRent Secures Backing From Rocket Internet

U.K. online realtor OpenRent has received £4.4 million in backing from Rocket Internet’s venture capital arm Global Founders Capital.

Founded in 2012, London-based OpenRent aims to make the process of renting a property less stressful for both tenant and landlord. It gives tenants an easy way to view and rent properties while offering cost-saving services for landlords over the steep prices paid when using a realtor. In fact, the site claims to save landlords almost £3,000 in fees and advertising, with packages starting at £29.

Tech Crunch reports that the company’s last funding round was an “equity for media” deal in 2014 with Northern & Shell Ventures, which is part of the U.K. media group that operates Express Newspapers, The Health Lottery and OK! magazine.

“Our last deal was all about increasing visibility and letting landlords and tenants know there is an alternative to the high street. [The idea of an] online agency was new back then,” OpenRent cofounder Daz Bradbury said. “It’s now an established product and a go-to solution for a large portion of the market.”

This new round of funding will be used to expand its team and continue product development.

“We’ve evolved from a product which targeted the most painful elements of being a landlord (i.e., finding tenants and creating a tenancy with them) to become the go-to service for our customers,” added Bradbury. “This means helping them with a broader range of landlord activities, which we continue to build out.”

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