Splittable, an app helping renters manage shared expenses, has raised $1.2m to fund a new payments platform and increased marketing.
The fresh platform will enable housemates to track expenses and pay for multiple household services in a few taps, while Tech City-based Splittable will also use the capital to up its staff count in engineering in marketing.
The investment round was completed by venture capital groups Seedcamp, Playfair Capital and the Mayor of London-backed London Co-Investment Fund.
Splittable already has tens of thousands of housemates signed up since it launched in April.
Nick Katz, co-founder and chief housemate of Splittable, said: “We’re thrilled to have the backing of these top investors to deliver on our vision and support more renters through their often frustrating house-sharing journey.”
“Dealing with shared expenses in the home can be a huge source of conflict. I learned the hard way, falling out with a friend over our household bills. I’ve come across countless problems in my time sharing nine properties in London.
“My co-founder and chief technology officer Vasanth Subramanian and I decided it was high time to build a solution to save other renters from the same fate. Our vision is to harmonise the relationship between people and their homes, creating the best experience of living together.”
In future Splittable will look to develop partnerships with universities, student unions & organisation, landlords, and agents who focus on student and young professional lettings.
Boris Johnson, Mayor of London, said: “London’s tech and science sector is flourishing and the city is a hotbed of talented and ambitious people buzzing with exciting ideas who are setting up new companies in their droves.
“I am delighted that the London Co Investment Fund is helping companies like Splittable to make their ideas a reality and deliver jobs and growth for the capital.”
Investors participating in the round included Lord David Young, former Enterprise advisor to the Prime Minister, Ricky Knox, founder of digital bank Tandem and Azimo, Peter Rading, former head of global trading at RBS, Simon Lambert, chief technology officer of Wahanda, Grabyo founder Will Neale.