MoveBubble, the London prop-tech start-up shaking up the rental property market, is eyeing further growth in 2017 after growing rapidly in its first 18 months…
Movebubble, the Holborn start-up finding renters a home through real-time help and insight from other renters, is eyeing further growth in 2017 after a bumper first 18 months in business.
The app has already raised over £2.5m in funding from private investors which has helped it achieve its aggressive growth targets and is continuing to revolutionise the property rental market.
The company, which makes renting a property ‘as easy as ordering a pizza’, was founded by 28-year-old tech entrepreneur Aidan Rushby two years ago who in his own words, wanted to ‘change the rental experience for good’.
“MoveBubble was born out of my passion to really solve renter’s problems,” he told BQ. “Today the process of renting a property is a nightmare.
“I’m not sure if you’ve experienced it in recent years but renters, especially in major cities, are spending over 100 hours a year searching for rental property and then at the end of it – they end up having to pay £400-£500 to someone they’ve only just met.
“What our business does is take all of that hassle away from the renter. Our technology delivers a seamless experience where renters can browse properties and book viewings within two taps, it’s like ordering a pizza from Domino’s. It’s straightforward. If they like what they see, they can rent it there and then – instantaneously.”
In his previous life, Aidan worked as group head of marketing and strategy for a property company where he oversaw everything from lettings to estate agencies, financial services, conveyancing and property lawyers.
During his spell there he garnered a real understanding of the property industry from almost every angle. After a few years in the role, he decided to leave and setup his own business which was an online estate agency, however it didn’t quite work out.
Despite his first start-up not going quite to plan – this didn’t deter him from bouncing back with a new idea. Luckily for him, MoveBubble, London’s only renter-dedicated property service, was just what the market was asking for.
The app is built by a team of like-minded renters based in London with the aim of allowing people to collaborate and make renting organised. The service includes real-time feedback through tips and insights collected from other users in the community.
“Having spent the best part of three years working in the industry I realised the process and the time we were wasting could’ve been spent on better things,” he added. “I realised an opportunity to make the process easier through technology.”
18 months on and MoveBubble now incorporates a large percentage of available rental properties in London – working in partnership with hundreds of estate agencies to deliver a curated list of personalised properties, tailored for each renter.
“Having raised over £2.5m in funding, we’ve continued to grow rapidly. We now boast a team of 20 people and have nearly 10,000 active users each month. Last month we transacted nearly £10,000 in holding fees through the app.
“Looking forward, we want to make sure that we are continuing to make the process of renting a property easier and easier. We hope the service will be available in more cities towards the end of 2017. We currently only operate in London but are also looking to branch out into more of the UK’s major cities.”
And MoveBubble is just one of a number of innovative start-ups establishing prop-tech as one of the fastest growing tech sectors. Aidan is quite proud of his company’s success, praising the team around him and is also confident prop-tech will continue growing.
He concluded: “I think prop-tech is something that is definitely starting to become a market which is gaining more and more interest from the wider community. It is a relatively new word or development you might say.
“I think there’ll be a rapid change in terms of impact on the market. There is currently very limited technology and obviously agency fees or renter fees have been banned recently.
“I think this will cause more of a need for people to get involved and adopt technology so that they can become more and more efficient.”