UK-based tenancy services provider Flatfair has secured $11m in a series A round that included e-commerce firm Adevinta, TechCrunch reported on Wednesday.
Venture capital firm Index Ventures led the round, which also featured VC and growth equity firm Revolt Ventures and angel investors Greg Marsh, Jeremy Helsby and Taavet Hinrikus.
Founded in 2016, Flatfair runs a service that enables tenants to rent properties without paying a deposit. Instead, the property is secured with the tenant’s debit card, meaning any charges can be covered when they move.
Charges can be made for the equivalent of up to 12 weeks of rent and can be negotiated using the Flatfair portal, with the use of independent adjudicators if necessary. Tenants can also be scored, meaning that their trust score can help them stand out to future landlords.
The company has added instant referencing to its services, and co-founder and CEO Franz Doerr told TechCrunch the funding will support the expansion of its product engineering, data science and business development teams. It is also working on features it plans to add to the platform in the next few months.
The investment is the fourth corporate venturing deal for Adevinta, following an investment in an undisclosed medical staffing service in December 2018 and its participation in rounds for property valuation analysis platform Kodit.io and RV marketplace PaulCamper (see this week’s Deal Net).
