- Investment sought:
- Equity offered:
Many renters around the world are frustrated and underserved! At Movebubble, we're on a mission to make renting better, and we put renters at the heart of everything we do.
We know that renters can waste hundreds of hours searching for a new home, and it can be super stressful. Our rental platform aims to make renting more trusted, simple and fun!
Today our mobile apps connect renters to properties seamlessly. They can get a response in minutes, schedule viewings, share feedback with the community and can secure a home 24/7 from the comfort of their sofa.
Currently, Movebubble is only available in London, but in 24 months we have already connected over 150,000 renters with properties. We now help thousands of renters with their move in the capital each month.
Tomorrow's cities will be smart, connected, and use open data to be more efficient. We're creating a better future for renting to enable renters to find a home seamlessly, anywhere!
After working in the lettings industry himself, Founder and CEO Aidan knew that things needed to change. He was fed up with renters being treated badly, agents wasting time on traditional manual processes and the lack of efficiency for both parties.
By connecting renters, agents and large-scale landlords via our mobile platform, we enable them to communicate so much better. Renters can save hours on their search and are empowered to share their feedback with the rental community. This, in turn, creates a feeling of accountability and promotes those people in the industry who are really providing a great service.
Today's hyper-connected world deserves a rental platform that exceeds expectations and utilises modern technology. Movebubble adapts to the renters' needs, gives them control, and constantly drives to make the experience of renting unbeatable!
Substantial accomplishments to date
Movebubble was nominated the best property app of 2016 by the Evening Standard. It was featured by Apple multiple times as "App of the week" and has enjoyed coverage across TechCrunch, CityAm, The Times and The Guardian. The platform has now grown to include over 150,000 people, with an average of 475 new renters joining every day in Q1. 2018 is going to be an exciting year!
A lot of our early growth was down to our amazing renters sharing the app with their friends, family and colleagues, but since our first marketing campaign #DoingItForRenters, things have exploded! We’ve welcomed more than 40,000 renters in the first three months of 2018.
This crowdfunding round has been driven by requests from our community of renters and agents who told us they'd love to share in the success of building a better future for renting!
In Q4 2017, Movebubble launched its first revenue stream: charging agents and large-scale landlords a monthly subscription to use the platform. There are different packages available depending on their size and the level of access they would like.
Additional revenue streams will be added in due course, which we expect to include premium services for renters to provide them additional value when finding a new home.
Use of proceeds
The funds raised will be used in two ways:
1) London expansion.
2) Product development.
1. For the rest of 2018 our focus will be maintaining growth in London. We will continue brand-building activity through to the end of the year in order to drive users and revenue on the platform.
2. In preparation for expanding to other cities, funds will be used to accelerate product development and ensure the platform is ready to scale beyond London. This will enable us to start helping more and more renters across the world.
Movebubble is for renters, agents and large-scale landlords that are dissatisfied with how they currently find and/or handle properties due to:
1) Lack of product innovation.
2) Poor communication.
3) Advertising expense.
The technology available is out of date: renters spend days scrolling through properties on endless web pages, reading outdated information and making countless phone calls on properties that aren't available anymore.
Movebubble appeals to people that are looking for a more convenient way to transact on a new rental home. They can chat anytime, schedule viewings, share feedback with the community and secure a home 24/7. Shortly, the whole workflow can be handled from a smartphone.
Characteristics of target market
The market is growing quickly across the UK, with an expected 7.2m rental households by 2025, an approximate 30% increase from today. Property rental stock is fragmented across over 3,500 rental agents in the capital. Our analysis suggests that the largest agencies individually represent less than 3% of properties on the market and online agents have a micro-percentage of property stock. We estimate that 45% is represented by single-office operations. Developers are working to keep up with the demand and there has been an increasing number of large-scale landlords entering the market.
Our typical renter is a professional aged 23-35 years. Smartphones are their primary device for online purchases, and they're using apps such as Uber, Deliveroo, and Airbnb. They care about authenticity, honest brands and trust recommendations over traditional advertising.
For city expansion, the strategy is currently being developed.
Movebubble will continue to focus its core marketing activity in proving London as its first major European city. Core to our strategy is building a product that renters love, so they can't wait to share with friends, family, and colleagues. This approach has been very successful with over 150,000 downloads in the first 24 months of launching the app.
Earlier this year, Movebubble ran its first ever campaign on the London Underground, and it exceeded all expectations! The #DoingItForRenters campaign created over 300% growth in users over 3 months.
We'll continue building brand awareness during the next 12 months to help spread the word so that more renters can discover a better way to find their next home.
Movebubble's main competition comes from three key areas:
1) Property portals.
2) Relocation services.
3) Classifieds ads (paper and web).
Unlike many other providers, Movebubble has combined the best of traditional services but with an awesome experience, aligning the users to drive efficiency and great value. Our smart technology helps renters discover properties, share feedback and communicate on their terms.
Movebubble distinguishes itself from the competition by having a fanatic focus on putting the renters' needs first. To the best of our knowledge, we're the only rental platform to successfully connect both sides of the marketplace, and ensure a world-class experience for renters.
Movebubble has an early mover advantage in the rental market and has already captured a good share of the renter audience to date.