ProperTech, a recently formed PropTech company, is looking for investors to help fund plans to buy Rentify.com, which recently went into administration.

The company says that it has started negotiations to buy the online letting brand, but is not interested in the firm’s old letting database, which was acquired by Dexters earlier this month. It merely wants the brand.

The sole director of ProperTech, Nada Morgan, does not have a background in letting agency, but believes she is well-positioned to make a success of the company.

She said: “With our background in digitalizing eviction procedures, it’s a natural step to move into online tenant management services. Our original idea is close enough that we are well placed to act quickly.

“We have already had initial interest from venture capitalists to raise the necessary funding to purchase key assets.”

Launched in 2012, Rentify was deemed to be the letting agent built for the 21st century. Ten years later, despite two separate rounds of crowdfunding, board observers and more than £10m investment, the company made continues losses year after year totalling in excess of £15m.

Despite previous losses, Morgan believes ProperTech.uk could make a success of the business.

She explained: “It’s tragic when a long-standing company cease trading but looking at the financials, there were obviously some serious flaws in their business model that we won’t repeat.

“I’m all for creating a disrupter, but not at the expense of profit. I believe we can turn the situation around offering a more viable lettings administration service that is good for both investors and landlords.”

ProperTech said they want to extend their current online procedures, scaling up to a multi-functional platform offering tenant management services nationally. The basic service will be a SaaS-based platform to help property managers keep track and organise key tasks themselves.

The offering, which will be available in three major cities, will be a full letting service taking care of day-to-day management including finding new tenants.

“Priority will always be on creating a simplified interface resulting in a higher quality of service for both property managers and tenants,” Morgan added.