A London-based property technology company led by serial entrepreneur and LOVEFiLM co-founder William Reeve has raised an additional £7 million in funding.

Goodlord's series B round was led by global technology investor Finch Capital and supported by existing backers Rocket Internet and Global Founders Capital.

It follows on from the start-up's £7 million Series A round in 2017.

The company is behind a cloud-based software platform that helps letting agents, landlords and tenants manage the rental process.

The new funding will be used to build new products, grow its customer base, and invest in the further development of Goodlord's technology.

"Renting is one of the world's oldest markets, but thanks to Goodlord it is now changing rapidly to make the process efficient and more transparent," said Reeve, who joined the business in January 2018, replacing co-founder and CEO Richard White.

"With this new funding we will continue to pioneer a better, simpler and more transparent approach – one tailor-made for Generation Rent.

"We are delighted to have attracted Finch Capital as an investor and have the support from existing investors, Rocket Internet and Global Founders Capital."

Reeve, also a well-known angel investor, has been involved with other successful tech businesses including Graze.com, Secret Escapes and Zoopla.

Since his appointment, Goodlord has also appointed Donovan Frew as CTO and has rolled out a variety of improvements to its technology. It is on track to grow revenues by 80 per cent over 2017.

Radboud Vlaar, partner of Finch Capital, will join Goodlord's board as part of the investment.

"The UK rental market is large with over 5.5 million households and has significant opportunity for the digitalisation of processes and transparency," he said.

"Goodlord's technology-led offering, its strong momentum and combined with the experience of William and his team is highly compelling to build a sizeable business in this space."