No Agent has become the biggest mover on crowdfunding platform Seedrs.
No Agent was looking for £350,000 but by yesterday evening had raised £566,296 – way over target.
More than 200 investors have flocked to chip in their money, to secure a stake of almost 14% in the business.
No Agent, which launched in September, values itself at £3.5m and describes itself on Seedrs as: “A fully digital property management platform that automates the entire rental process, putting landlords in control at every step, making it faster, easier and cheaper for them to let and manage their properties.”
While the pitch on Seedrs makes clear that No Agent offers a cheaper alternative to traditional letting agents, it is able to list its properties on Rightmove and Zoopla. On both portals, it uses the name NA Technologies.
No Agent CEO Calum Branan told EYE that his firm’s business model is to “replace the current function of letting agents”.
He said: “We are removing the traditional face of the agent and replacing it with technology.”
He said that the money raised will be used to expand into the lettings markets in Wales and Scotland.
Asked how successful No Agent has been in England, Branan, 27, said that the firm was not releasing any figures, but emphasised: “We are building a business for longevity.”