Prop-tech lettings platform Lavanda has raised £4 million ($5 million U.S.) in an initial fundraising round led by real estate investor Henley Investments.

Lavanda’s software as a service (SaaS) platform lets landlords and property managers find tenants for short-term lettings, student housing, holiday rentals, build-to-rent (BTR) and serviced apartments.

The platform helps real estate investors profit from an Airbnb-style service for homestays and home-sharing by offering them a platform to execute short and medium-term rental strategies across their global property portfolios.

Lavanda says its software has helped raise profits for real estate investors by up to 20%. It manages around 10,000 units and customers include Savills estate agents and Aberdeen Standard Investments.

As part of the agreement, Henley Investments COO and European managing director, Justin Meissel, will become a non-executive director on Lavanda’s board, which also includes Harry Hill, founder of RightMove.

“Lavanda legitimises and institutionalises short and medium-term rental options for commercial landlords, providing a best-in-class technological solution,” said Meissel.

“As owners, operators and developers of over 10,000 residential units, Henley has first-hand exposure to the income uplift potential driven by Lavanda’s model.

“Traditional hospitality, travel and real estate industries are converging fast,” said Guy Westlake, founder of Lavanda.

“By providing landlords and developers with the missing technology toolkit to harness this global trend, Lavanda unlocks a new wave of innovation for residential real estate.”

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