OpenRent has announced a majority investment from funds managed by private equity firm CVC, in a deal the company says will fund new tools for landlords and tenants and accelerate the next stage of platform development.
Co-founders Adam Hyslop and Darius Bradbury will remain significant shareholders and continue to lead the business. The investment backs OpenRent's stated goal of reducing the admin, complexity and cost of renting in the UK, with a product roadmap that spans new features for both landlords and tenants across the full rental lifecycle.
OpenRent describes itself as the UK's direct-to-landlord rental platform. It allows landlords to advertise properties, reference tenants and manage tenancies without going through a letting agent, and says it has already changed how landlords and tenants approach the rental process.
The next phase of development will focus on expanding that offer. New tools are planned to take more of the administrative burden out of renting, while the company says it is committed to keeping the existing product experience straightforward for existing users.
"OpenRent has become a trusted part of the market, and we still see enormous opportunity ahead," said Adam Hyslop, co-founder and chief executive. "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."
Darius Bradbury, co-founder and chief technology officer, added: "OpenRent has already proven that technology can transform the rental journey, but there's still a lot left to go after. 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."
Jean-Pierre Saad, managing partner at CVC, said: "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 is very well placed to continue to be the UK's direct-to-landlord platform, helping landlords and tenants alike to manage the increased complexity of the rental process."
