Founded in 2016 and based in London, Canopy offers a smartphone app that provides renters an instant digital rental profile called RentPassport™, which replaces large cash security deposits with an insurance policy backed by HISCOX. Through a partnership with Experian, users can enhance their credit history by paying their rent directly through the mobile app. The company has strategic partnerships with property firms including Hamptons International, GetLiving, Atlas Residential and Tipi (Quintain). Canopy received a further investment from Round Hill Capital; the amount was not disclosed. That investment followed a recent £1.6m second round of funding that included £1.3m from Direct Line Group and backing from Experian. The company said it will use the funds to invest in further UK expansion, including new and extended services. Canopy, founded in 2016 by Tahir Farooqui and based in London, builds a rental ecosystem aimed at fostering trust between landlords, renters and agents. Its core product is an on-demand insurance platform backed by Hiscox that generates real-time prices for deposit insurance and rewards trustworthy tenants. The service centers on a RentPassport™ that provides proof of an individual’s rental and credit history and enables landlords and agents to pre-approve renters, streamlining the vetting process. The company raised £1.6m in funding and will use the proceeds to expand its business reach across the UK. Direct Line Group contributed £1.3m and took a 15% stake as part of the round. The funding is intended to support wider adoption of its insurance policies and the RentPassport product.

Total raised

$2M

Funding rounds

2

Latest round

Equity

Latest activity

Oct 2017