A start-up proptech firm which claims to have a new take on the lettings market has raised a further £1m in angel funding – with a galaxy of investors.
Lavanda’s new investors include Kenny Bruce, co-founder of Purplebricks; former Countrywide boss, Rightmove founder and well-known industry veteran Harry Hill; Sir Terry Leahy, ex-CEO of Tesco; Bill Currie, founder of venture capital firm William Currie Group; and Anthony Nutt, fund manager at Jupiter Business Management.
The money raised will be used to expand Lavanda’s business to business offering for estate agents and property managers.
Lavanda launched earlier this year, announcing that it had raised £1.3m in a funding round and describing itself as “the proptech platform shaking up the London lettings market”.
It offers serviced lets, Airbnb management, and personal concierge services to tenants, and is understood to be contemplating a roll-out from London.
Lavanda’s co-founder Guy Westlake said of the latest funding round: “Shorter-term rentals and the sharing economy are shaping the future of the residential property sector.
“This is a seismic shift, yet the industry is proving slow to adapt. Our platform now provides estate agents and property managers with an immediate means of tapping into this growing market.”
Bruce said: “By tapping into the changing way people are living and working, this business has the potential to develop into a major player within the residential market. I’m delighted to be involved at this exciting time for the company.”
Hill, who has been appointed chairman of Lavanda, added: “With a first-mover advantage and proven demand for our service, we’re confident that we can maintain our strong growth trajectory and create significant new value for our clients and industry partners.”
Old Etonian Westlake is a serial entrepreneur. A previous business he co-founded, Shutl, was sold to eBay.