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Adevinta, through its Adevinta Ventures team is investing in Flatfair, a “deposit-free” renting platform, in a US$11m Series A funding round, led by Index Ventures and with participation from other investors.
Founded in 2016 and based in London, Flatfair facilitates rentals by removing the need for tenants to give landlords a deposit. Instead, Flatfair charges tenants a one-off fee equivalent to one week’s rent while offering landlords protection against damage on their property, as well as support in resolving disputes.
Adevinta’s Jussi Lystimäki, VP of Ventures, commented: “Flatfair has developed an affordable product and an alternative to tenants’ problems of seeing their large deposits being locked-up through a dispute, while also offering more security to landlords. This is truly an exciting project with great potential, and we look forward to supporting Flatfair’s growth plans and working with the management team.”
Franz Doerr, Flatfair Co-Founder and CEO, said: “This investment round will help us scale-up and bring deposit-free renting to more people in the UK. We’ve already saved tenants millions in deposit cash and are delighted to partner with Adevinta with its great network and deep sector knowledge.”
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