Online property portal Ezylet, which serves as a one stop shop for landlords, has launched a £1.5m fundraising campaign on Invesdor in a bid to secure funds before an apparent Initial Public Offering in the coming weeks.
Whilst a date is not yet set, Ezylet - which was completely self-funded until 2016 - will look to IPO almost straight after completing the funding round. The company has already finalised its application to the market and will convert to a PLC in order to complete preparation for entry onto London’s NEX Exchange (which is subject to market approval). The company’s vision is to become the UK’s leading provider of services to both landlords and tenants.
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Ezylet was founded by Paul Foy, a landlord with a wealth of experience in the property market. The company’s services are focused primarily on private landlords, offering them a portal to advertise buy-to-let properties, a service not offered on Zoopla or Rightmove. However, the company is branching out to include services for tenants and estate agents, and have promised to release more features in the lead up to the IPO.
Paul Foy, founder of Ezylet, stated the following about the company:
At Ezylet we are providing many solutions to empower landlords to control the management of their properties and reduce their ongoing costs. Typically, an estate agent will charge one month’s rent to find a tenant, plus 10%-15% for ongoing management. At Ezylet we believe we can reduce these costs by as much as 70%.