Alternative tenancy deposit platform Reposit has secured £400,000 in seed funding from Seedcamp and the London Co-Investment Fund.
The startup, which emerged from the first London cohort of Newcastle-based accelerator Ignite, also drew support from angel investors and VCs.
Curran McKay, co-founder and CEO of Reposit, said: “For many renters, paying a six-week deposit in addition to a month’s rent in advance and agency fees is one of the largest financial outlays they’ll make. 97% of deposits are returned in full, only to be re-registered once a tenant moves again and the system is an administrative burden for landlords and letting agents alike.
“At Reposit we believe there is a better way that can benefit everyone. We’re delighted to have the backing of key investors who share our vision for changing how people rent and we’ll use the investment to raise the awareness of Reposit, onboard more letting agents to offer our alternative and expand our value through more services in the coming months.”
Reposit says it will use the money to develop more services in the coming months.