A property firm which will be launching an online lettings system in the New Year has raised £7m.
The Santander funding will be used to launch Apropos, being launched by Edinburgh-based letting agency DJ Alexander.
It says that the launch will create a “substantial” number of new jobs across the UK.
Apropos, a portal that has taken three years to develop, will be rolled out over the next three years.
The finance has been provided by Santander’s structured finance growth capital team. The finance is a type of investment provided to support growing SMEs.
Richard Mathison, structured finance director of Santander UK, said: “We have been working with DJ Alexander over the past 10 months to understand their growth plans and to deepen our knowledge of their business and the opportunities available with the launch of the new online platform, Apropos.
“During this time, we have been extremely impressed by their management team and their vision for a future lettings environment by creating a transparent digital platform benefiting both landlords and tenants alike.
“We look forward to supporting the business and its future ambitions.”
Apropos, which claims to have been designed to revolutionise the lettings industry, although in its energetic PR campaign it has not specified exactly how, has been recruiting agency partners ahead of its launch in January.
It says it has now signed up 25 agencies covering 70% of Greater London, along with 45% of the rest of the UK, including Manchester, Liverpool, Leeds, Nottingham, Newcastle and Coventry.
David Alexander, joint managing director of Apropos, said: “We are delighted to have attracted so many top-quality business partners across the UK who have been attracted to our service, our means of delivery and our approach to property management.
“We’re not charging a joining or monthly fee which highlights our commitment to our partners, and we are supporting them as they develop and grow their business.
“In all parts of the UK, but particularly in London, we have found our service and our property platform have been integral in attracting top quality agents to work with us.
“Once agents hear what we have to offer and the way in which we intend to deliver our service, they want to be a part of the business.”
Whatever happened to rummage4property? Their website doesn’t look active??
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Follow Robert May on twitter and you’ll get your answer.
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£7m is a lot for a new business – shades of Woodford and PB. Impressive.
At some point there must be mortgage leads in it if its Santander….
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When? ??????will these stupid people learn
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Is this just debt funding? No mention of an equity play…anyone know?
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From what I can gather this is another PB theme. It is web based platform for direct landlords and tenants management with the idea to use a call centre to reduce the workload of a lettings agent, but is it a wolf in sheep’s clothing?
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Not sure about the name.
Santander is probably just interested in the landlord data so they can sell to.
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