London-based property startup Movebubble raised £900,000 from private equity investors in the UK.
It brings the total for the startup, which completely cuts out letting agents, up to £1.35 million.
The company plans to be the largest peer-to-peer global rental platform and will launch in two to three international cities, in addition to London, in the next 12 to 18 months.
Removing the middleman
Movebubble lets owners and renters communicate directly, from listing a property, booking viewings, making and accepting an offer, creating and signing a rental agreement to paying rent and deposits.
Once the user finds and negotiates an agreement for a chosen property, a one off £50 fee is paid to reserve it and remove it from the marketplace.
Members can use accounts on social media sites such as Facebook and LinkedIn to build their Movebubble profile, gaining ratings and references from peers, employers and previous landlords.
Not an agency
CMO Logan Hall said:
Other property platforms still support the estate and letting agency model, i.e. someone taking a substantial cut in the middle – we’re not an online agency.
We provide a completely new, transparent community marketplace for any product or service involved in the rental process.