Some 300 investors put cash into online lettings platform

An online lettings platform has shut its crowdfunding campaign after easily exceeding its target of £850,000.

Lettingaproperty - founded by brothers Jonathan and Matthew Daines in 2008 - used the Seedrs platform to gain the extra cash, which it says will be used for marketing and product development “designed to nurture, retain and grow the subscriber base, boost recurring revenue, and capture greater market share.”

Currently it has over 1,500 rental properties under management and collects over £24m in annual rent across Britain. The platform claims to have seen 80 per cent subscriber growth, generating £800,000 in annual recurring revenue, and £1.1m turnover in 2022. 

After passing its initial target on Seedrs the company extended its fund-raising to allow for further investment but is now closing "as soon as we enlist our 300th investor”.

An update from the agency says: "Whether a client, landlord, tenant or investor, be part of our next crusade towards Series A [status, showing its revenue-generating potential].“

The agency adds: “There are around 4.4 million homes in the UK Private Rented Sector. Twenty per cent saw new tenancies in the last year, creating a Serviceable Available Market of over £1.2 billion in annual letting fees and 890,000 new moves that could be managed through our platform. 

“Lettingaproperty currently owns just over 0.1 per cent 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.”