Goodlord, a London-based proptech company, announced on Wednesday that it has raised £27M (approx €31.8M) in a funding round led by Highland Europe. Columbia Lake Partners, Finch Capital, Latitude, and Oxx, also participated in the round.
As a part of the investment round, Laurence Garrett, Partner at Highland Europe, will join Goodlord’s board to help the company capitalise on its rapid growth.
Fund utilisation
The UK company says it will use the investment to accelerate its growth plans, product portfolio, services, and integrations through strategic acquisitions in the UK and beyond.
Goodlord is also planning to increase its headcount in the product and engineering teams, including launching its tech academy to support the career development of entry-level developers through mentoring and work experience.
William Reeve, CEO at Goodlord, says, “As we continue on our mission to build the best rental experience in the world, bringing Highland Europe and Columbia Lake Partners on board as investors are fantastic news for Goodlord and the rental sector. About one in five people in the UK now live in the private rented sector, supported by millions more private landlords and letting professionals, making our mission just as important today as it was when Goodlord began.”
“Thanks to the backing and expertise of Highland Europe and Columbia Lake Partners, we can accelerate the build-out of our product through more acquisitions and, ultimately, support even more tenants, landlords, and letting agents,” he adds.
Goodlord: What you need to know
Founded by Philip Mundy, Richard White and Tom Mundy in 2014, Goodlord offers cloud-based software to help estate agents, landlords and tenants manage the rental process.
Thanks to the cloud-based platform, the entire process of letting a home – from referencing to contract generation – can be managed through a single interface, claims the company.
Recently, the company has expanded its product offering through its platform to streamline the lettings process, including insurances, utility switching, void management, and rent collection.
Goodlord says it has doubled its revenue in 2021, supported more than 1M landlords and tenants across the UK, and processed £1bn+ payments. The company now employs more than 300 people in the UK.
Investors
Highland Europe invests in growth-stage software and internet companies. The VC has raised over €1.8B and has invested in companies such as Adjust, Camunda, ContentSquare, Featurespace, and more.
Laurence Garrett says,“Renting a property was once a complex, stressful transaction mired in paperwork and obscure fees for all parties. Goodlord’s software has completely transformed the experience, simplifying and streamlining each transaction and reducing the time taken to agree on a rental to minutes, rather than weeks. With the private rental market projected to continue to grow, Goodlord’s software has the potential to improve the lives of millions of people.
“I’m looking forward to working closely with William and joining this highly experienced board to help guide the Goodlord team as it expands its reach throughout the UK, both through organic growth and strategic acquisitions,” he adds.
Columbia Lake Partners provides growth capital to the UK and European technology companies. It has worked with more than 60 companies to date.
Daniel Bull, Investment Director at CLP, says, “Since we first began speaking to the team in 2020 we could see that Goodlord had a clear vision for improving the way agents, landlords, and tenants interact. Since that time they’ve executed on that vision, and we’re excited to be a part of their continued growth story going forward.”
