No Agent – which despite its name lists on Rightmove and Zoopla – has gone over target in a crowdfunding campaign.

The business has been going for under two years and values itself at just over £7m.

It had hoped to raise £400,000 in exchange for a stake of 5.4%.

However, by the end of last week it had raised some £500,000 from around 400 investors, in exchange for a 7% stake.

In a previous crowdfunding campaign on Seedrs in 2016, No Agent was also very successful. Aiming to raise £350,000 and valuing itself at £3.5m, it raised almost £600,000. The valuations then and now mean that No Agent believes it has doubled in value inside 18 months.

In its current pitch on Seedrs, No Agent says that it “challenges the traditional over-priced and under-serviced lettings model”.

It continues: “Doing what our name suggests, we have created a digital platform that removes traditional agents, bringing down the cost of managing a property by an estimated 75% and delivering great customer service.”

A video on the pitch refers to the “huge cost” to landlords of using high street agents and says that another benefit of No Agent is that landlords will be “forever rid of poor-service letting agents”.

A benefit to landlords is said to be no “annoying” visits to branches.

The pitch claims that No Agent has around £230m worth of property under management and that in the last three months it has processed over 9,000 tenant registrations.

The businesses charges £55 per month for full management for properties in London and £35 for homes outside the M25.

No Agent says that after 2020 it will be looking for exit opportunities to trade buyers, private equity or the stock market.

The Seedrs pitch will remain open “until at least the new 18/19 tax year”.

No Agent, which was incorporated in 2014 and launched in September 2016, is headed by CEO Calum Brannan, with Gillian Kent – a former boss of Propertyfinder – as chairman. Its advisers include housing lawyer David Smith.

No Agent lists on Rightmove and Zoopla under the name NA Technologies.

www.noagent.co.uk