Proptech firm Ideal Flatmate has raised £1.1m from private investors just weeks after abandoning a Seedrs crowdfunding campaign.

The website, which uses algorithms to match flatmates with each other by asking questions about lifestyle and living habits, said the latest funding round has been made up of existing investors such as David Pollock, founder of Greene & Co, and Peter Roberts, founder of Pure Gym, and new angel investors such as Robin Tombs, founder of Gamesys and Yoti.

It takes the total seed funding for the firm beyond the £2m mark.

Ideal Flatmate had been looking to raise £1.3m on Seedrs but pulled its campaign at the end of October, despite raising 75% of its target, telling investors that its business and strategy had changed, which lowered its valuation.

The money will be used to continue the website’s national expansion and to develop its position in the Build to Rent sector.

Tom Gatzen, founder of Ideal Flatmate, said: “We are delighted to have secured the backing of our existing shareholders and a range of new investors as part of our largest funding round to date.

“This is an exciting time in the rental market in the UK, with a great deal of institutional backing being put into the Build to Rent sector, and Ideal Flatmate is in pole position to take advantage of this growth.”

Property business pulls plug on its crowd-funding campaign after ‘change in valuation’