A new UK-based property tech start-up has been valued at £1.1m, although it has yet to launch.

University Cribs, set to launch in October, is said to have received investments from backers.

The platform will focus on the students’ letting market, including letting agents.

The search model will simplify and streamline the process of finding housing for students by placing all agent-listed properties on one site, as well as allowing landlords to access their market all in one place.

The interactive website will also offer advice-giving articles and local neighbourhood guides to ease students into their new homes.

It claims to have already had commitments from large letting agents in Wales, including Keylet and Imperial Lettings, as well as some of the UK’s largest student hall operators.

The founders of the company are graduates of Cardiff University.

Jack Jenkins, director of University Cribs, said: “A recent survey by UCAS media shows that 56% of students would rather view potential properties online than in person, and University Cribs is simply stepping in to meet this demand for time-saving.

“It’s about time all properties most suitable for students are listed in the same place online.

“Agents are also crying out for a specialist student marketer to help them increase their property exposure. University Cribs offers student accommodation providers just such an online marketing platform, ensuring their properties are seen by thousands of students in their local area.

“With our strategically built social media channels we are able to maximise their exposure to the target demographic.

“The website will soft-launch in August, with a grand launch in October across Cardiff, Bristol, Swansea, Oxford and Bath.

“A national roll-out across a number of cities in the UK is planned over the months following the launch.”