Lettings agent software provider Goodlord is on the look-out for new funding as it seeks to simplify tenancy agreements and referencing.

Founded in 2014 by ex-Foxtons agent Richard White and brothers Tom and Philip Mundy, Goodlord will seek further funds to grow the team and improve products on offer to agents and tenants.

The service, which allows tenants, landlords and agents to sign tenancy agreements online, has already raised £2m of investment in May.

White said: “We have our original investors and a selection of new investors interested in this round. We will run a competitive process and make sure we get the right fit for the company.”

It comes as the platform launched a wider roll-out of its tenant referencing service at £8 per applicant plus VAT. Other referencing services tend to be more expensive, although Lettingref offer references from £6 per applicant plus VAT.

Already piloted with 40 agents earlier this year, the Goodlord online tenant referencing service will cover everything from right to rent checks to employment and credit searches. Its average turnaround time for checks is currently 26 hours, but some have been completed in just three hours.

You will also need to be subscribed to the whole service, currently from around £50 a month, to access the pricing.

Goodlord will also offer rent guarantee insurance starting at £59 for prospective tenants who pass the company’s referencing.

White said: “Referencing has always been an arduous and time-consuming part of that process, but it doesn’t have to be.

“Our new software builds on Goodlord’s existing infrastructure to provide an easy-to-use automated service that takes all the admin out of referencing and lets agents get the job done quickly.”