Digital marketplace for rented property Vesta has completed a first close of its rolling-close funding round, raising over £2m since December 2017.
Vesta plans to complete a second and final close in mid-March 2018, to take this amount to a £3m total. It has advance assurance from HM Revenue & Customs to qualify for its Enterprise Investment Scheme.
Russell Gould, chief executive of Vesta, said: “I’m delighted with the support received from both existing and new investors.
“We have a first-class shareholder base, having attracted an incredible calibre of investors who bring far more than just funding, but add invaluable intellectual capital too.
“Our investors share our belief that Vesta’s innovative marketplace will revolutionise the private rented sector, bringing together housebuilders, buy-to-let sellers, buyers and property investors and removing significant market inefficiencies.”
Investors include Bob Wigley (chairman of UK Finance and ex-chairman of Merrill Lynch EMEA), Chris Lacey (until recently head of residential capital markets at CBRE) and David Ritchie (former chief executive of Bovis Homes).
They also include Keith Morris (former chairman and co-owner of Sabre Insurance), and David Toplas (Vesta’s founder and chief executive of Mill Group).