Splittable, the London-based property technology startup, has closed a $1,200,000 investment round from venture capital groups Seedcamp, Playfair Capital and the London Co-Investment Fund, which is backed by the Mayor of London.
The team has also received investment from a syndicate of high-profile angel investors including Lord David Young and Ricky Knox.
Splittable is a web, iOS and Android app helping the world’s growing population of young renters manage their shared expenses. Since launching in April, the app has signed up tens of thousands of housemates in the UK, US and other global markets.
This fresh infusion of capital will be used to grow the Splittable engineering and marketing teams, support further marketing initiatives and fund the delivery of an integrated payments platform. The new functionality will seamlessly enable housemates to automatically track expenses and settle up with each other in a few taps. Renters will also be able to pay for various household services through a single interface.
Nick Katz, co-founder and Chief Housemate says: “Dealing with shared expenses in the home can be a huge source of conflict. I learned the hard way, falling out with a friend over our household bills. I’ve come across countless problems in my time sharing nine properties in London. My co-founder and CTO Vasanth Subramanian and I decided it was high time to build a solution to save other renters from the same fate. Our vision is to harmonise the relationship between people and their homes, creating the best experience of living together. We’ve demonstrated that Splittable can help improve the lives of renters globally. We’re thrilled to have the backing of these top investors to deliver on our vision and support more renters through their often frustrating house-sharing journey.”
Splittable is looking to develop partnerships with universities, student unions & organisation, landlords, and agents who focus on student and young professional lettings.
The Mayor of London, Boris Johnson said: “London’s tech and science sector is flourishing and the city is a hotbed of talented and ambitious people buzzing with exciting ideas who are setting up new companies in their droves. I am delighted that the London Co-Investment Fund is helping companies like Splittable to make its ideas a reality and deliver jobs and growth for the capital.”
Reshma Sohoni, Partner at Seedcamp says: “We’re excited to be backing the Splittable team. They’ve got deep property and technology backgrounds and have already managed to deliver a platform with a rapidly growing customer base of young renters who love it. The private rental market is growing quickly and we think Splittable is going to be able to capitalise on developing their technology offering in tandem with this market.”
The group of strategic angel investors participating in this round include Lord David Young (former Enterprise advisor to the Prime Minister), Ricky Knox (Founder of digital bank Tandem and Azimo), Peter Rading (former Head of Global Trading at RBS), Simon Lambert (CTO of Wahanda), and Will Neale (Founder of Grabyo).
Founded by CEO Nick Katz and CTO Vasanth Subramanian in 2014, Splittable is based in the heart of London’s Tech City and is run by young property enthusiasts with a collective passion for improving the lives of householders. Find out more about the company at www.splittable.co.