Generation rent booms as flatsharing site passes £1m funding milestone

Flatsharing website Ideal Flatmate has passed the seed funding milestone of £1 million.

The website - which includes former Green & Co managing director David Pollock on its advisory board - recently closed a Seed A Round raise of £750,000 which included 'sizeable reinvestment' from first round investors.

Ideal Flatmate says it is the UK's first algorithm-based flatmate matchmaker, helping tenants to find housemates based on compatibility and living habits tests.

Each month, the site averages 2,000 new listings, many of which it says come from letting agents and landlords, attracting more than 150,000 visitors.

The additional funding will be used to fast-track recruitment of key hires, significantly grow the user numbers and advance the implementation of machine learning into the platform.
"The next stage of progression is an exciting one for the business as we deploy our growth strategies over the coming months," says Ideal Flatmate co-founder Rob Imonikhe.

The website's other co-founder, Tom Gatzen, adds: “This funding is a huge vote of confidence in the business and we are excited to continue building a credible alternative to help Generation Rent find their perfect flatmates."

Ideal Flatmate says it has received particularly strong backing from professional landlords in London using the platform, while its growth can be attributed to the property market's shift towards private renting and a rise in the number of middle-aged renters looking for homes.