Geovation Programme PropTech Track startup and geospatial powered property compliance platform, GetRentr, has raised over £500,000 from a group of strategic investors including Life Ventures, EPIC Private Equity LLP and a number of private individuals.
Founded by Orla Shields, Alex Schembri and Richard Lainchbury, GetRentr uses artificial intelligence to track all UK property licensing regulations and consultations in real time and provides an automated service which enables agents and property managers ensure their property portfolios are always compliant.
The company was selected for the Geovation 2018 cohort for its innovative use of both property data and geospatial mapping. Geovation is an Ordnance Survey Initiative in association with HM Land Registry, which is dedicated to supporting open innovation and collaboration using location and property data.
GetRentr is already working with a number of forward thinking letting agents in the industry and has partnerships in place with major industry players including the National Landlords’ Association and others soon to be announced.
The company’s mission is to use data and technology to allow agents and landlords to easily comply with regulation, ensuring that the accommodation provided to their tenants is safe and meets required standards. Similarly, through their work GetRentr hope rogue landlords can be exposed, ensuring that no tenant has to live in unsafe, substandard accommodation again.
Commenting on the successful funding round, CEO Orla Shields said:
“At GetRentr our vision is to raise the standards of rented accommodation through the innovative use of data and technology, whilst also offering letting agents and landlords significant savings and revenue opportunities by automating complex, error-prone compliance processes. Our pioneering data and technology platform delivers transparency, measurable impact and strong stakeholder returns – things which will set us apart in terms of our ability to recruit the best talent, scale the business globally and enjoy sustainable success.
This investment comes from an incredible group of investors, who add significant value well beyond their funds, bringing expertise that will help us accelerate both our market reach and our development roadmap. We are excited to work with these investors, and this additional funding will allow us to bring more features to more markets. This is just the tip of the iceberg in terms of our long term vision and expansion plans.”
Jon Wreth, CEO of LiFE Ventures explained what they found appealing about the team and product, “When we first came across them we had no idea anyone was doing something like this and we were really impressed with what they had developed. We approached Orla who came over to see our office and saw how we do things and met the other tech start-ups we have invested in. We’re having major headaches with licensing at the moment and GetRentr can help us solve them and offer a better service to our landlords”.