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The latest capital injection for the growing London-based online rental platform will enable Goodlord to enhance its services and upskill staff.
Fieldfisher's venture capital and growth equity team has advised online lettings service Goodlord on a £27 million fundraising in a funding round led by specialist scale-up VC fund Highland Europe with support from Columbia Lake Partners, Finch Capital, Latitude and Oxx.
The London-based company, whose lettings platform allows letting agents to manage the rental process in one place and has supported more than one million landlords and tenants, plans to use the funding to grow its portfolio of products, services, and integrations through strategic acquisitions to provide more value to the UK's growing private rental sector of more than 10 million households.
Goodlord also hopes to bolster its hiring and training processes to develop new skills within the business.
It secured the funding after an outstanding year that saw its revenues double. The company now processes more than £1 billion in payments annually. In July 2020, Goodlord acquired rental referencing platform Vouch in a deal also advised on by Fieldfisher.
A Fieldfisher team led by banking partner Robin Spender and corporate partner Tom Ward advised Goodlord on the equity investment led by Highland Europe and on the venture debt facility provided by Columbia Lake Partners.
Commenting on the deal, Fieldfisher banking partner Robin Spender said:
"This was another convincing show of investor support for Goodlord, whom we have advised for a number of years during its impressive growth journey. Congratulations to the Goodlord team on this excellent deal."
Tom Mundy, Chief Operations Officer and co-founder of Goodlord, said:
"One in five people in the UK are now living in the private rented sector, supported by thousands of dedicated lettings professionals. Our mission is to build the best renting process in the world for them. This goal is as important today as it was when we started.
"This latest round of funding will help us to accelerate the development of our product and support the lettings sector even more effectively. We’re grateful to Fieldfisher for their support over recent months and helping us to conclude this strategic funding round so successfully."
Robin Spender and Tom Ward were supported by associates George Murphy and Andy Oliver. Tax and structuring partner Mark Gearing supported by director Tamsin Nicholds also provided equity incentives advice.