Landlord software specialist OnBoard Pro has secured £2.5m Series A investment from private sources.
THE Newburn Riverside-based firm, which makes residential tenancy software for letting agents and landlords, secured the investment six months after a seed round of £500,000, which came from the founding directors.
The deal values the company at over £5m, and will provide an immediate injection of £1m, with a further £1.5m in unsecured loan notes over the next 12 months.
OnBoard Pro set up late last year with a staff of 22 and develops tooks for letting agents to check the suitability of tenants, record detailed photographic inventories, submit gas and electricity meter readings, starting dates for local council tax and produce signed contracts.
A full tenancy application can be completed on the same day as a tenant property viewing, in some cases in under an hour.
Stephen Purvis, OnBoard Pro’s chief executive officer, said the investment would allow his firm to sustain revenue and profitability growth throughout 2015 and beyond.
He added: “We will be investing significantly into recruiting more highly skilled employees including a dedicated London presence, strengthening our existing software patents through R&D and creating highly targeted marketing campaigns.
“It was particularly pleasing that a funding round of this size took place only six months after seed funding, without the involvement of a Venture Capital fund, and was completed from gun to tape in under five weeks. These factors serve to illustrate the significant investor interest and confidence, resulting in a heavily oversubscribed funding round.”
The firm now employs a team of 24 full time staff, which is expected to grow to 36 in the next six months.
To coincide with the funding round, OnBoard Pro has appointed chartered accountants and business advisors Baker Tilly as auditors, and law firm Ward Hadaway as the company’s lawyers.
Mr Purvis is also expecting to launch a coding academy for computer science graduates in the near future.