Rentify was launched last year and helps landlords to market, manage, and make money from their properties, and has already delivered exceptional growth, the firm said.
Since founding, the software as a service platform has attracted 60,000 users with more than £100m of rental properties passing through Rentify’s systems.
Balderton said the investment will be used to grow Rentify’s central London team and accelerate the development of new products and services for landlords and tenants.
“We are thrilled to be backed by Balderton, who share our passionate belief that many landlords and tenants are not well served by existing services in this market,” Rentify CEO George Spencer said.
“We want to bring transparency and honesty to a rapidly growing sector that badly needs it.”
Balderton Capital partner Tim Bunting added, “We’re investing in Rentify because it’s an exceptional team and undoubtedly the leading company in this space, having already signed up an impressive number of users in under a year.
“Rentify fits the bill for Balderton as a fast-growing, disruptive company that is bringing a fresh, new way for doing business to a large and established market. We believe that Rentify will transform the rental market in the UK.”
Balderton Capital has invested in a number of companies that have gone on to enjoy wider success, including HouseTrip, Wonga, Betfair and Lovefilm.
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