A new app that promises to revolutionise the way students find and choose rental properties launched a crowdfunding campaign today and by close of play had already raised 82% of its £215,000 target.
SPCE can be described as the AirBnB of student accommodation and the long-term rental market. It brings together the higher education community – students and landlords – on one platform and allows them to rent out or search and pay for university-specific student rental properties based near campuses, without using estate agents.
The company is raising £215,000 in seed investment on Seedrs and is well on its way to meeting its target, with over three-quarters of the funds raised by the end of launch day.
Leon Ifayemi, founder and CEO of SPCE, said: “I got the idea for SPCE when I was at university and I had a job which involved me taking students to view properties near the campus.
“I then found the perfect partner in Omar Fahmi who brought my vision to life.
“We have spent the past seven months designing the app and then preparing for our crowdfunding campaign so it feels like today has been a long time coming! It’s nice to see our hard work pay off and receiving those first few pledges has been exhilarating.
“Getting the backing of early investors feels like a ringing endorsement of the app and what we are trying to achieve. It comforts us in the belief that SPCE fills a gap in the market.”
The investment raised will help fund the software development needed to support the app. SPCE has signed contractual terms and conditions with Intellectsoft, an experienced software development house that counts Jaguar, Eurostar and Harley Davidson among its clients, to deliver the work.
The funds will also help market and roll out the app on campuses with a view to formally launching SPCE to the UK student community in October 2017.
SPCE has already secured 800 student pre-registrations and has partnered up with six of the top 20 UK universities.