A little known property management software firm, Arthur, has just raised £1,136,000 in its first round of funding, which was oversubscribed.
The fundraising was managed by chairman Mark Jones who brought in five individual investors. London Business School investor group introduced 11 and the Deloitte Investor group brought in another five, resulting in a total of 21 external backers.
Arthur was established in 2014 and has users both in the UK and overseas. It is currently used to manage over 50,000 units by some 4,500 property managers across 27 different countries.
However, relatively few agents may have heard of it, as there has so far been almost no marketing spend, no advertising and no PR.
Jones said the software was “well ahead of the competition”.
He said: “I have watched Arthur’s development since its inception and have been deeply impressed with the firm’s use of innovative technology to build a ground-breaking software platform for property managers.
“Over the last 12 years I have worked in the digital sector, heading up blue chip companies such as Ladbrokes and Lastminute.com, and more recently I have become an investor in Fintech and recruitment businesses. But I have not been this passionate or excited about an investment for a long time.
“I look forward to seeing the highly talented development and management team achieve their ambitions to dominate the property software sector.”
Rochelle Trup, one of the founders, said: “The property software market is changing rapidly, and unlike many of our competitors, Arthur was designed with the 21st century in mind.
“Arthur is specifically designed from the ground up to work on as many digital platforms as possible and we are able to do this by not being what is often described as ‘legacy software’. This also gives us flexibility when improving our system.
“Arthur provides a suite of apps that allows property professionals to manage their portfolio from anywhere in the world, where they can connect to the internet. Automated actions can be set for almost everything, from sending a tenant a late rent notice, to a reminder that a gas safety certificate is about to run out.
“The forecast growth and expansion of Arthur in the UK and internationally will create great returns for our shareholders over the next two to three years.”
Arthur was quietly launched in 2014 by David Cummin, and husband and wife team Rochelle and Marc Trup. Currently offering agents a free trial, it integrates with Zapier, which in turn allows integration with many other apps including Facebook and Dropbox.