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TODAY'S OTHER NEWS

Yet ANOTHER online agency wants £750,000 crowdfunding investment

Vesta, which describes itself as “the new online marketplace for buying and selling rental property” has launched a bid to raise £750,000 through crowdfunding. 

It is using the Seedrs platform - not the same operator used in this summer’s controversial Emoov fundraise.

Vesta says the £750,000 - if raised - will allow it “to further build and raise awareness of its unique online marketplace, which allows landlords to buy and sell residential investment property with tenants in place.”

Vesta claims “this approach eliminates void periods (and removes uncertainty such as estimating the rental value and finding a good tenant) preserving rental income to potentially save landlords over £500m a year, encourages increased stability and longer tenancies.”

Vesta also says that it hopes to launch what it calls a "rental retirement product" and off-plan new build rental opportunities.

Launched in February this year, Vesta says it enjoyed a turnover of approximately £400,000 in its first six months.

It claims to have Vesta has sold over 105 properties, valued at some £23m; there are a further 151 properties, valued at £15.5m, sold subject to contract. It says also that it has had offers on £108m of student accommodation accepted - that’s equivalent to some 1,000 student beds.

The site says the hoped-for £750,000 Seedrs raise is part of a wider fundraising of up to £5m.  

“Monies raised will go towards further scaling the business growth through brand and marketing campaigns, expanding customer services, expansion of estate agency and analytical teams, product development, expansion of the in-house engineering team and extending the runway to a potential Series A fund raise and international expansion in 2019-2020” says a statement from the company.

Its chief executive, Russell Gould, says: “The popularity of the Vesta marketplace among landlords and investors since our launch earlier in the year is a strong indicator that we hold a unique position in the real estate industry and proptech space. 

“Vesta is on the radar of international groups and we have already been approached by two parties to explore licence and partnership opportunities in both North America and Asia Pacific. While slightly early for our immediate product roadmap this validates demand for a global investment property marketplace and supports our intention to build a multi-regional business of significant scale.”

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