By Steve O’Hear
Mashroom, the London proptech that offers an “end-to-end” lettings and property management service, has raised £4 million in new funding.
Backing comes from existing unnamed private investors and matched funding from the U.K. taxpayer-funded Future Fund. It brings total funding to date for the company to £7 million.
Pitching itself as going “beyond the tenant-finding service” to include the entire rental journey — from property advertising, arranging viewings, credit history checks, maintenance, to end of tenancy and dispute resolution — the self-service platform lets landlords list their property, which tenants can then rent easily.
This includes digital credit and reference checks and the signing of rental agreements and tenancy renewals. In addition, open banking is employed to collect rental payments and provide real-time payment information to landlords.
“Letting and renting is, for the most part, still a fragmented, bricks-and-mortar industry,” says Mashroom founder and ex-venture capitalist Stepan Dobrovolskiy. “The experience as a landlord or tenant normally still involves a traditional estate agent who acts as intermediary and charges a hefty fee. While plenty of new players have come along with tech to solve certain points in the experience, we are the first to look at the entire process from end to end”.