Property rental marketplace Vesta has come in with a figure of £2.1m in seed funding at first close, with plans to use the money on the company’s core product offering and nationwide expansion.
The London-based company aims to make buying and investing in buy-to-let property easier and accessible to anyone.
Users can choose to buy a property outright, or invest in a home or group of homes with as little as £1,000 but don’t have to wait for the results of surveys or valuations as properties in the Vesta marketplace are brought to market fully documented.
Launching in February 2018 the platform says it has secured the marketing rights for almost 200 tenanted properties, collectively worth more than £50m.
“I’m delighted with the support received from both existing and new investors,” said Vesta CEO Russell Gould.
“We have a first-class shareholder base, having attracted an incredible calibre of investors who bring far more than just funding, but add invaluable intellectual capital too.
“Our investors share our belief that Vesta’s innovative marketplace will revolutionise the private rented sector, bringing together house builders, buy-to-let sellers, buyers and property investors and removing significant market inefficiencies.”
Investors in the company so far include Bob Wigley, chairman of UK Finance and ex-chairman of Merrill Lynch EMEA; David Ritchie, former CEO of Bovis Homes; Chris Lacey, former head of residential capital markets at CBRE; Keith Morris, former chairman and co-owner of Sabre Insurance; and David Toplas, Vesta’s founder and CEO of Mill Group.
Plans are now in place to target £3m in funding following a second and final close in March 2018.