Renting app Movebubble is turning to the public to help fund its growth.
Movebubble, founded by Aidan Rushby, a former branch manager for letting agents Ocean, allows pre-qualified renters to search available homes for rent in London and book viewings via an app.
It has launched a crowdfunding campaign on the Seedrs platform looking for £800,000 in return for 16.99% of equity.
The equity amount is always a red herring in crowdfunding campaigns as it relies on a firm listing on the stockmarket or getting bought out, neither of which is guaranteed.
Movebubble says the funds will be used to expand its London presence and for product development across the rest of the country and the world.
It values itself at £3.9m on Seedrs.
Movebubble lets tenants leave reviews of their agent and has a table of response times of each agency using the service so landlords and renters can compare each firm.
A league table on the Movebubble website ranks Movebubble’s top 200 agents by how long they take to respond to tenant queries, how often they respond and the rating given to them by renters out of five.
Rushby said: “Movebubble was created with the renter in mind in the hope of addressing some of the major inefficiencies that persist within the sector.
“We work with a number of fantastic agents across London, and the purpose of our latest ranking product is to promote the best ones in order to make sure the majority of the properties are managed by the agents who treat renters well. We are excited to invite both our community and Seedrs investors to share in a part of this and be instrumental in creating the next generation property platform.”
It comes as rentals and property management platform No Agent is coming to the end of its latest Seedrs campaign, having raised £610,052, way above its target of just £400,002.
The campaign closes today.
Despite its name, No Agent lists rental properties on Rightmove and Zoopla and helps with referencing and rent collection but lets landlords buy extra services if required such as accompanied viewings and floorplans.
Calum Brannan, chief executive of No Agent, said: “With this investment we will grow our team, improve our technology and build the best rental platform for both landlords and tenants.”