Rental platform lays foundations for growth with £3.1m funding
A London-based digital rental marketplace has raised £3.1m for ongoing expansion in its latest campaign for funding.
Canopy, which was founded in 2016 by Tahir Farooqui, has secured investment from private equity firm West Hill Capital and software specialist Vision Blue Solutions.
In addition to the latest funding, the firm has also secured additional backing from consumer credit reporting giant Experian.
Aiming to empower ‘Generation Rent’ through its flagship proposition RentPassport, Canopy provides free digital rental profiles and a range of financial wellness products, including deposit free renting and tracking rental payments.
Tahir Farooqui, founder and CEO of Canopy, commented: “It’s a privilege working alongside such a passionate and hardworking team to build a rental platform aimed at having a positive social impact on the lives of millions of renters.
“The capital we are raising will allow us to fulfil our vision of making renting work for everyone, initially addressing one of the core issues of the housing crisis – affordability. We’re grateful to receive backing from investors who are aligned without purpose of building an ecosystem of financial wellness for renters.”
The platform is currently used by almost 15,000 renters and works with agents such as Get Living Rettie and Tipi Homes as well as corporate customers like PwC and John Lewis.
This latest funding will be used to accelerate partnerships with estate agents and drive the company’s growth.
Robert Caie, managing partner of West Hill Capital, commented: “West Hill is delighted to be investing in Canopy at such an exciting stage in the company’s growth cycle, where it is now delivering its market-leading financial well-being tool to private renters throughout the UK.
“We look for an innovative product or service that can demonstrate a global application and hence significant scalability. We feel Canopy exhibits all of these qualities and as such we are pleased to be with them on their journey.”
Colin Brown, CEO of Vision Blue Solutions, added: “We are thrilled to support Canopy in their mission of helping renters achieve their financial goals.
“We look forward to supporting Canopy’s growth and development, and work with the team to progress our shared mission of helping millions of renters build a more resilient financial future.”
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