Foxtons-backed PropTech firm acquired by property legal group

A PropTech lettings platform boasting investment from the Foxtons agency has been snapped up by LegalforLandlords for an undisclosed figure.

Propoly, launched in 2020 following three years in development, revealed a year ago that it had £1m in backing from Foxtons, and a lesser undisclosed sum from Connells’ acquisition Countrywide.

Now Propoly, founded by Ray Kyrson and Edward Gazelle, will combine with LegalforLandlords’ service to offer what it calls “a start to finish solution” for landlords and agents.

The platform allows the management of portfolios, automating and digitising the entire property rental process including check-in.

LegalforLandlords - which already has some 500 agent customers - offers tenant referencing, insurance and legal services.

“We are very pleased to have agreed a deal that will further Propoly as a core supplier to the industry,” a joint statement from Kyrson and Gazelle says. 

“LegalforLandlords, through their years of experience, deep knowledge of the sector and key products and services, are a leading business that will allow us to offer an even better service to our customers” they add.

Meanwhile Sim Sekhon, the founder and managing director of LegalforLandlords, says the lettings sector is now so complex it requires additional automation. 

“We need to automate processes to save time and money, but we also need to recognise that agencies need to grow and develop new income streams. Propoly meets these needs now and will do so even more in the future.”