Hammock raises £1 million
Hammock, the London-based startup helping landlords and property managers gain better oversight on the financial health of their rental properties, has raised £1 million in seed funding from Fuel Ventures and Ascension Ventures.
Founded in 2019, Hammock plugs into the landlord’s bank accounts to monitor rent collection and track payments and expenses while delivering a report on the wellbeing of each rental house or flat.
The startup also plans to launch an FCA-regulated current account which has been specifically designed for landlords and property managers.
Hammock was built in the Founders Factory Studio and it lists Aviva as a backer.
“The UK is a country of renters with more than £85 billion collected each year. For landlords the time spent trying to manage the monies for more than one property – from rent collection to bookkeeping – can cause headaches. I know this first hand being a landlord myself. We wanted to alleviate this by developing new tech that automates the mundane duties of managing property portfolios and provides instant insight into how well each house or flat is performing. Having this new investment allows us to pursue our vision of reducing uncertainty and providing efficiency to landlords, ultimately helping them maximize profits. These savings in both time and money can then be passed onto the tenants: a win-win for the industry.” – Manoj Varsani, founder and CEO.
“We’re very bullish about the impact of open banking on bringing value to consumers through their account data. Hammock is a great example of this happening for landlords, who, now more than ever, need to be able to track the performance of their property portfolios. In our initial discussions, we were incredibly impressed by Hammocks’ early product and the progress they had made with the funding they had. We’re incredibly excited to be part of this latest round of investment, giving Hammock the fuel to bring real value to the UK’s 2.5 million landlords.” – Mark Pearson, Managing Partner at Fuel Ventures.
Bottom Line: Zibo comes to mind.