Vancouver startup RentMoola raises $5m as it pushes U.S., U.K. expansion

RentMoola COO Philipp Postrehovsky says the $5 million brought in from its latest round of fundraising will go toward expanding the Vancouver-based startup's presence in the U.S. and U.K. | Photo: submitted

Vancouver’s RentMoola is targeting the U.S. and U.K. markets for major expansion of its cheque-less rent payment service.

And that’s now going to come much easier after the startup announced Wednesday (March 2) it brought in $5 million in its latest fundraising round.

“It’s really going to be used to accelerate our global growth,” RentMoola co-founder and chief operating officer Philipp Postrehovsky told Business In Vancouver.

He said the size of the U.S. market makes it perfect for expansion, while the English-speaking U.K. will make for an easier transition.

“From an operational standpoint, [the U.K. is] not that difficult to service besides the time zone,” Postrehovsky said.

“It’s a nice stepping stone for us.”

A “small amount” of the money raised in the latest round came from using the Vancouver-based equity crowdfunding platform FrontFundr, Postrehovsky said.

Regulators introduced new rules last year allowing such crowdfunding for startups.

Postrehovsky said RentMoola might use the equity crowdfunding platform again further down the road. But he said the goal is to raise larger amounts of money than what was brought in from using FrontFundr.

RentMoola’s headcount sits at 26 employees after additional team members were added Thursday, according to Postrehovsky.