Russell Gould, CEO of Vesta
Vesta, the digital marketplace for rented property, has closed its first major funding round, raising over £2m since December 2017.
The London-based proptech firm now plans to complete a second and final close in mid-March 2018, to take this amount to £3m, and has advance assurance from HM Revenue & Customs to qualify for its Enterprise Investment Scheme (EIS).
The latest round of seed funding will enable the business to enhance its core product and roll-out across the UK as it continues in its mission to revolutionise the buy-to-let sector.
Following its launch in early February 2018, Vesta has already secured marketing rights over 177 tenanted properties (both individual units as well as apartment blocks) which are collectively valued at over £50m.
The initial market presence is already generating significant interest from landlords and property developers to list tenanted properties on the platform.
Investors comprise a who’s-who of property and financial services professionals, including: Bob Wigley (chairman of UK Finance and ex-chairman of Merrill Lynch EMEA), Chris Lacey (until recently head of residential capital markets at CBRE), David Ritchie (former CEO of Bovis Homes), Keith Morris (former chairman and co-owner of Sabre Insurance), and David Toplas (Vesta’s founder and CEO of Mill Group).
Russell Gould, CEO, said: “I’m delighted with the support received from both existing and new investors. 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 (PRS), bringing together housebuilders, buy-to-let sellers, buyers and property investors and removing significant market inefficiencies.”