Rental startup Goodlord has raised £7.2 million from Silicon Valley's Ribbit Capital

Goodlord cofounders Tom Mundy and Richard WhiteGoodlordGoodlord cofounders Tom Mundy and Richard White.

Goodlord, a software provider for estate agents and tenants, has raised £7.2 million from first-time investors Ribbit Capital, and existing backers LocalGlobe and Global Founders Capital.

The Series A round follows a £2 million seed round last May.

The startup was cofounded in London by CEO Richard White, a former Foxtons estate agent, and brothers Philip and Tom Mundy.

Tom Mundy remains with the business, but Philip Mundy resigned in December to found a medtech company, Forward Clinical.

Goodlord’s software makes it easier for estate agents to sign up new tenants for rental properties, handling document uploads, references, and holding deposits. The goal is to make the rental process easier and more transparent. The company will use the round to hire more developers and improve its tech.

Ribbit Capital is based in Palo Alto, giving the startup a foot in the US should it ever choose to expand there. The VC company was founded in 2012 by Meyer Malka and has invested in other UK property startups. In January, Ribbit Capital led a £5.5 million round into online mortgage startup Habito.

Goodlord boasts some other major backers. Rocket Internet’s billionaire founder Oliver Samwer is already an investor through his Global Founders Capital fund, while Robin Klein is involved through LocalGlobe.

The company has more than 300 estate agents signed up to its platform, and has processed £200 million in tenancies. “I see us as building a PayPal for the property market,” White told Business Insider.

He cofounded Goodlord after seeing estate agents using outdated software, and after his own experiences at Foxtons. He told Business Insider that, while at Foxtons, he wouldn’t be allowed to sit on a chair at his desk until he’d booked his first viewing. “Unless you’d booked viewings, you didn’t get your chair back,” he said. “That element I didn’t like.”

Malka said in a statement: “We see huge potential for disruption in the way that rental property in the UK is transacted. Goodlord is using technology to build transparency and ease of use for one of the most important moments in a consumer life: choosing a home to live in.”

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