Latitude’s investment in Goodlord

Stories written about tech startups tend to fall into one of two categories — rocketship or flameout. Today these stories spill over from the tech press to coffee table magazines, as tech has become central to our world. Founders are compared to Henry Ford, or snake oil salesmen. Readers are invited to gasp in awe, or condemn.

Reality though is typically more prosaic — the path to success is not a straight line. There are downs, often many of them, but they make the ups all the more satisfying — they feel earned.

Latitude’s series B investment in Goodlord speaks to the power of mission and the resolve of a hundred or so Goodlordians.

Since LocalGlobe led Goodlord’s seed round in 2016, both little and a lot has changed.

The mission remains undented — transform the rental experience. Goodlord today offers a product which is quietly becoming the market standard and repeatedly delighting customers at an incredibly stressful moment in their lives.

However, there are many new faces around the table. Founders have moved on and layoffs were significant. There was real pain in the business (although fortunately customers did not end up feeling this).

Two years on from that period, the transformation in the business is remarkable. Goodlord is again growing fast — and efficiently — and has an exciting roadmap ahead for how it will add increasing value to both tenants and lettings agents. It is also now well funded following this round with further investment from our friends at Finch and Oxx Capital.

The power of mission

Moving house is well-documented as one of the most stressful things we will do in our lives. With the emergence of #GenerationRent, this is going to become an increasingly regular pain point.

Goodlord’s solution is a simple, yet rich, digital experience that manages everything from the point a property is found to receiving the keys.

Goodlord’s 5* Trustpilot rating highlights it is pretty good at seamlessly managing the nitty gritty of offers, payments, referencing, contracts, insurance and setting up utilities — no mean feat to deliver such customer love at a time when so much can go wrong.

Goodlord also represents a central point of reference at a moment when tenants rebuild their personal infrastructure around their new home — this is good business. The distribution Goodlord can offer service providers through access to tens of thousands of tenants each month provides great leverage, which Goodlord can in turn share with tenants.

Lettings agents value the simplified overhead and compliance Goodlord supports, moving a paper and spreadsheet process online. Entering the payments flow is especially attractive for agents, as they look to avoid the administrative and regulatory burden of handling tenant cash.

Goodlord also speaks to LocalGlobe and Latitude’s love of software that empowers SMEs, a theme we’ve pursued in a number of other investments including Tide and Justworks.