Hammock secures £1m in seed funding from Fuel Ventures and Ascension Ventures to develop its property finance platform.
Fuel Ventures and Ascension Ventures backed the seed round to support product development.
Hammock provides digital finance and bookkeeping tools tailored for landlords and their accountants. The platform integrates banking, tracking, and tax reporting to simplify property management.
Hammock has secured £1m in seed financing to advance its technology platform and expand its financial services for landlords. The investment round was backed by Fuel Ventures and Ascension Ventures.
The company provides an open banking platform designed to automate rent collection, expense tracking, and financial reporting for rental properties. The fresh capital will be directed towards product development as the firm prepares to launch its regulated current account.
The business has scaled significantly since its inception in the Founders Factory Studio, currently tracking over £7m in rent across more than 1,700 properties.
From the founder
"The UK is a country of renters with more than £85 billion collected each year. For landlords the time spent trying to manage the monies for more than one property – from rent collection to bookkeeping – can cause headaches. I know this first hand being a landlord myself. We wanted to alleviate this by developing new tech that automates the mundane duties of managing property portfolios and provides instant insight into how well each house or flat is performing. Having this new investment allows us to pursue our vision of reducing uncertainty and providing efficiency to landlords, ultimately helping them maximise profits. These savings in both time and money can then be passed onto the tenants: a win-win for the industry."
Manoj Varsani
Founder and CEO at Hammock
Investor perspective
"We’re very bullish about the impact of open banking on bringing value to consumers through their account data"
Mark Pearson
Founder, Fuel Ventures
Use of funds
- 01Continue product development
