The UK has seen a turbulent 2022 in many ways, but many of the country’s key proptech players are flourishing. The UK has over 700 proptech companies currently, ranging from established portals, such as Rightmove to emerging startups. Here’s our round-up of recent proptech funding, partnerships and product announcements from the movers and shakers in the UK’s proptech sector.
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Investment and funding news
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In March 2022, Goodlord raised £27 million in Series B funding to power their mission to improve the UK’s rental market. The capital will be used to grow Goodlord’s products and services and add integrations through strategic acquisitions. The proptech firm is also planning to boost headcount and introduce a tech academy for entry-level developers.
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In June 2022, London-based proptech, REalyse, landed a seven-figure investment from asset manager BOOST&Co. The residential data and analytics platform will use the funding to accelerate growth and secure a number of key hires.
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Residently secured £4 million in a funding round in July 2022 led by Love Ventures. The Residently app lets renters arrange viewings, take virtual tours, make offers, secure their home, pay deposits, and extend or renew their lease. They intend to use the funds to power their continued mission to transform the rental experience.
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In October 2021, London-based data provider Landtech secured £42 million in Series A funding round led by US investment firm Updata Partners. The company supports developers with off-market opportunities. The proptech plans to use the capital to hire more staff, hone its product and expand overseas.
Mergers, acquisitions and partnerships
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At the start of 2022, online property management platform Plentific acquired fellow UK proptech, TouchRight Software, for an undisclosed sum. Plentific plans to integrate TouchRight’s reporting tools into its own platform.
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In April 2022, Canopy announced a partnership with deposit funding firm Fronted to launch a transferable lifetime deposit for tenants. Lifelong deposits, or so-called “deposit passports” have been an industry ambition for a number of years. Canopy recognises the significant financial challenges renters experience in waiting for the return of one deposit while simultaneously having to fund the next property’s deposit.
Product updates
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In October 2021, Flatfair launched a product enabling agents to unlock deposits for current tenants. In an industry first, the service allows new and existing tenants the option to pay Flatfair a one-off membership fee in lieu of a deposit. Renters must then settle any damage claims upon leaving the property.
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May 2022 saw the rebranding of Build to Rent portal, Your Place (formerly Ideal Flatmate), co-founded by Tom Gatzen. Your Place is aimed at young professionals renting in urban locations and has a number of developers on board with units located in cities UK-wide.
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Specialists in buy-to-let lending Landbay, launched an updated broker portal in May 2022, along with new branding. The company now builds and maintains all of its systems in house. The portal allows brokers quick access to intermediaries, such as underwriters. Later in July 2022, Landbay announced a partnership with insurance provider Phoenix Group to offer its clients long-term fixed-rate mortgages.
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Also in May 2022, Mark McCorrie launched Made Snappy to allow agents to create floor plans and virtual tours for a reduced cost. The tool creates plans with over 98% accuracy using 360 degree photographs.
Conclusion
It’s clear from the year’s activity that there is a growing focus on digitisation of the entire real estate experience for agents, landlords, tenants and developers. We’re also seeing integration of fintech into UK proptech and increased adoption of Open Banking. Digital platforms are increasingly being used to automate and streamline payments, resulting in lower costs and administrative processes for all parties.
For more information on how your business can benefit in the thriving UK proptech market, download our insightful guide on rental trends below. And get in touch to find out more about our products.
Rental trends have shifted dramatically. Discover how this has created opportunities for proptechs.
