Rocket Internet has teamed up with London-based venture capital firm LocalGlobe to back property firm Goodlord in a £2m seed round.
Goodlord, which already transacts thousands of tenancies, says it will use the capital to increase its headcount from 18 to 35 by the end of summer and improve its software.
It is aiming of having 10% of the country’s estate agents on board by the end of the year.
It currently has 200 agencies across the country signed up and has processed has processed £20m in deposits and first months’ rents to date.
Launched two years ago by ex-Foxtons estate agent Richard White and software engineer Philip Mundy, Goodlord acts as a middleman between agents and tenants.
Its software allows a tenant to pay a holding deposit, complete references and sign the agreement from their computer or mobile phone, and helps the agent to cut down on paperwork and emails.
Richard White, Goodlord’s chief executive, said: “Goodlord is the best way to transact property. We want to help agents, landlords and tenants by bringing them all together online with our software and processing all the paperwork electronically.
“Our platform connects all the stakeholders and it does it in a way that is transparent and fair to all sides. Tenants don’t have to leave work early to trudge around flats and fill out paperwork. Tenants want to go and see a property and say ‘Yes I’ll take it’ and for the deal to happen right there.”