UK PropTech Secures £1.5 Million

Founded by Harry Panter and Ben Clayton, Housr is a Manchester-based student living platform

Manchester-based Housr, a student living start-up focused on addressing the housing crisis, has secured £1.5 million (30% of the funding) (€1.75 million), in a growth funding round to support its expansion plans in the UK and the US. The start-up targets a total funding of £5 million to close its current growth funding round. Founded by Harry Panter and Ben Clayton, the proptech company has secured investment from existing investors, led by venture partner Bachmanity. Housr aims to revolutionise property listing, letting, and management.

Housr is a student living platform consolidating rental properties, utilities, and lifestyle perks in one app. Aimed at simplifying rental processes, finding homes, and aiding with administrative tasks, Housr also offers rent rewards to students. Currently active in Manchester and Birmingham, the platform has a mission to address housing affordability. It allows users to swipe through properties for viewings, and serving as a management portal for landlords and agents. Using AI, it streamlines the rental process, eliminating administrative hurdles.

Housr has built a loyal student community, offering rewards like rent discounts, free pizza for a year, and drink offers from commercial brand partners. The start-up’s iOS app aims to have 30,000 users by January 2024.

Growth and Development

Housr, expected to achieve “break-even” in July 2024, anticipates annual recurring revenue of £2.4 million in the next 16 months, driven by brand partnerships and utility billing. The company, now with 26 employees (including four in the US), aims to expand to six UK cities and seven US cities after securing the £5 million funding. Following a 45-person increase in staff, the focus will be on hiring in operations, marketing, and on-campus roles.

The recent acquisition of an online student community in Leeds aligns with Housr’s expansion strategy, as it adds 45,000 properties to its platform, solidifying its presence in Manchester and Birmingham with numerous lettings secured for the September 2024 academic term. Harry Panter, co-founder and CEO at Housr says, “We have proved our platform and business model to be the future of student lettings in two of the country’s biggest cities. We are now ready to disrupt the property market in the rest of the UK. Our intuitive and frictionless app streamlines each step of the rental process, from search to management, and utilities. This makes it easy for tenants and agents to manage their home in a single place.”

Housr aims for its app to reach 30,000 users by January 2024, collaborate with 30 UK letting agents, and average 73 rentals per week in anticipation of the peak student letting season. Co-founder Panter says, “This additional funding will turbo-charge our progress and help establish Housr as the go-to student housing partner in the UK and the US. While both markets are different it is clear that both are ripe for digital transformation and disruption.”

“The latest generation of students demands this level of digitisation from the sector, and until now the archaic industry has been unable to provide it. Our ethos – built by students for students – serves this group. We understand what truly resonates with them. Our introduction of rapid peer-to-peer rentals will change how students find housing, making it cheaper and more efficient for all involved.”

Housr, in its previous iterations, secured £1.2 million in funding over two years, with contributions from Bachmanity Capital and several angels such as David Evans, Ian Tyler, Steve Thornhill, and Barry Brown, among others. This investment helped the company to internalise the development of its technology and launch an enhanced version of its app.