The campaign, which opened to the public in November last year, initially offered equity at a pre-money valuation of £1.5m. Prior to the raise’s public launch, over £185,000 of investment has already been privately raised.
With the platform having launched in London last spring, the funding will play a major role in supporting the company’s plans to change the rental process for both renters and letting agents by eradicating the need for renters to search for properties at all.
Two thirds of capital raised will go towards growing the Findingaplace team as well as raising consumer awareness, with the remaining funding directed towards platform development to further enhance both the customer journey as well as agency partner features.
Findingaplace’s ambitions to scale follow a breakthrough first nine months for the company, with over 22,000 tenants having registered and being connected to hundreds of agent partners throughout London, including companies such as Winkworth, Benham & Reeves, Belvoir and Fine & Country.
The platform was founded by former Dixons Carphone director Mike Savva as a means of simplifying the property search process.
He said: “We’re thrilled to have not only reached – but far exceeded our funding target, validating our longstanding belief that there is better way to connect tenants and agents together.
“We all know how tough the London rental market is and Findingaplace simplifies the process, ultimately helping more renters find their dream home whilst also making our agent partners stand out ahead of the competition to prospective landlords and retain more revenue.
“More new property portals aren’t the answer to the disappointment renters experience; in-fact the increasing number of portals actually exasperates the issue. Renters are looking for an alternative and smarter way. Findingaplace is their solution.”