Investment giant CVC is taking a majority stake in OpenRent as the rental platform looks to accelerate its expansion across the UK lettings market.
OpenRent founders Adam Hyslop and Darius Bradbury (main picture) will remain significant shareholders in the business and continue to lead the company as CEO and CTO respectively.
The transaction, which is subject to regulatory approval and expected to complete later this year, will provide backing for further investment in OpenRent’s technology and services for landlords and tenants.
Founded in 2012, OpenRent now has a community of more than 8.8 million landlords and tenants and says more than one in five UK tenancies runs through its platform.
FURTHER INVESTMENT PLANNED
OpenRent provides services spanning property advertising, tenant search and selection, referencing, contracts, deposits and rent collection.
The company says the investment will support the development of further tools designed to reduce administration, complexity and costs throughout the rental process.
Adam Hyslop, Co-founder and CEO of OpenRent, says: “When we started OpenRent we set out to make renting fairer, safer and cheaper for landlords and tenants across the UK.
“Fourteen years later, OpenRent has become a trusted part of the market – and we still see enormous opportunity ahead. CVC shares our ambition and brings experience and resources that can help us accelerate the next stage of growth, broaden what we offer customers and create even more value for landlords and tenants.”
‘BUILD IT ALL FASTER’
Darius Bradbury, Co-founder and CTO of OpenRent, says the partnership will allow the business to accelerate its technology roadmap.
He adds: “Our roadmap is full of new tools to empower landlords and tenants throughout the entire rental lifecycle, while making sure the product they already use keeps feeling delightfully simple at every turn.
“This partnership lets us build it all faster, with even more powerful technologies, and fulfil the vision for renting we’ve held since 2012.”
‘SIGNIFICANT OPPORTUNITY’
Jean-Pierre Saad, Managing Partner at CVC, says: “We are very excited to partner with Adam and Darius who have built a category-leading platform that has already changed how people rent homes in the UK.
“OpenRent, with its entrepreneurial and innovation-driven culture, is very well placed to continue to be the UK’s largest and favourite direct to landlord platform helping landlords and tenants alike to manage the increased complexity of the rental process.”
Thomas Eberle, Senior Managing Director at CVC, adds that OpenRent has “significant opportunity to broaden its proposition across the rental journey”.
Financial terms of the investment have not been disclosed.
