Property & Mortgages

Landlords in the UK gain $4m from PropTech startup

UK PropTech startup

UK landlords have gained $4m from Spotahome, PropTech startup

An online platform has handled millions of pounds in residential rental transactions since the time it was launched in the UK. Landlords in the UK have gained $4m from the ProbTech startup so far.

The startup, Spotahome, which is engaged in mid to long term rental accommodation, provides services across the world. Since its launch in March 2016, the PropTech firm has also performed well on global scale. It has managed more than $92 million in rental transactions worldwide since its initial launch in 2014. Spotahome is active in a number of countries across the world, with presence across Europe and the Middle East.

It has a strong presence in 20 cities across 10 countries in these parts. It served property managers and private landlords in the rental sector during the period. Spotahome has registered a rapid growth in recent times, creating $43.7 million in the last half of 2017 for landlords who use the platform. This amount was three times the amount it generated in the second half of 2016.

The chief executive and co-founder of Spotahome, Alejandro Artacho termed the results from the second half of 2017 as ‘extremely positive’.

Spotahome is deemed a useful ally to property managers who are able to maximise their investments through the platform. Many have taken advantage of the easy way the platform offers to reach out to tenants and have tackled international expansion projects.

Apart from this, the platform has proved to be hugely beneficial to private landlords that have more than one residential properties to rent out. The business model of the platform offers wide variety of features such as HD videos, 360-degree photos, detailed floor plans and extensive neighbourhood information which eliminates the need for physical visits to a property. Moreover, landlords can also take advantage of extra guarantees which Spotahome offers to safeguard landlords against tenancy cancellations, payment defaults and property damage.

Artacho added that due to the last financing round, led by Seaya Ventures and Passion Capital, Spotahome was able to consolidate its business structure and has designed a ramp-up plan which will allow it to continue with its strategic expansion during 2018, and the continuous improvement of the user experience internationally.

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