If the Covid crisis has taught experts in the real estate industry anything, it’s what works during market unrest and what needs to be tweaked in order to survive the ordeal.
Canopy, a rental proptech platform, has shown that it is resilient during such times. The company has recently raised more funding from investors—£2 million in just two days. This brings the total amount of funding since its launch to £10 million.
Canopy offers landlords and agents a free tenant screening service using Open Banking technology.
Many believed that investors would steer clear of supporting proptech while the world grips with the issues surrounding the pandemic. This recent funding round, along with other companies that have been able to cinch investing during this uncertain time, have shown that as long as a company has a good enough plan, investors will be drawn to them.
Canopy plans to use the funding to support its sales team and invest in new technology to update its tenant screening technology.
Tahir Farooqui, Canopy’s Founder and CEO, says:
“Renters have been historically undeserved by both the financial services as well as the lettings sector.
“Our mission is to power financial resilience for renters around the world with the goal of reducing household costs for millions of rental households.”