Wednesday, February 21, 2024

Evo Secures £750,000 Seed Funding

London UK, October 2022: Evo has secured an additional £750,000 of seed funding, supported by GroVentive, to continue its growth strategy in the UK’s £30 billion rental sector.

By digitising property repairs, maintenance and compliance services, Evo saves landlords significant costs, removes the hassle from property management and improves the tenant experience.

There are currently over 10 million rental homes in the UK, and as people seek greater flexibility, renters are forecast to outnumber owners by 2039.

Evo’s app allows tenants to report a problem within 30 seconds, effortlessly track its progress, schedule the repair job at a convenient time as well as communicate directly with the trades person. This combined with market leading property knowledge Evo enjoys first time fix rates in excess of 90%.

Evo’s technology automates a large part of the communication and administration process related to onboarding tenants’ properties and the repair event itself, driving landlords costs down and delivering comprehensive property and portfolio information at the click of a button.

Co-Founder and CTO, Dean Shepherd said “In a world where we wouldn’t consider buying a used car without service history, everyday thousands of people are signing tenancy agreements without knowing the history of their next home. We believe repairs, maintenance and compliance service history should be available to every tenant and we are working hard to make this a reality.

Evo is here to transform the experience and economics of repairs, maintenance and compliance for landlords, tenants, agents and trades people. With the renter’s reform bill due to come into law in the next few months, it is time the UK’s rental sector was dragged out of the dark ages and embraced technology to significantly reduce the £20 billion annual costs currently incurred by landlords, while also improving the tenant experience and helping tackle the UK’s homelessness crisis. 

Given the macro-economic backdrop we’re delighted to have secured the additional investment which we believe underlines the strength of our business model and latent market demand.”

Jonathan Wicks, Chief Strategy Officer at GroVentive, says: “We are always keen to support high-growth companies such as Evo, with a differentiating proposition in the market they operate, a well-thought product meeting clear customer demand, and a well-executed commercial strategy.”

EVO currently works with private landlords, BTR, letting agents, housing associations and local authorities as part of its shared mission to support people’s access to decent quality housing.

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