London startup Hammock is a proptech platform, which helps landlords and accountants prepare for the upcoming digital reforms, has secured $5.5 million in funding. The investment round was led by Fuel Ventures (which backed Guider), together with Second Century Ventures and Ascension Ventures.
Hammock will use the significant funding round to grow and strengthen its position as the provider of choice for both landlords and accountants.
Manoj Varsani MBE, founder and CEO of Hammock, said: “This is a time of great opportunity for both landlords and their accountants. Government changes in the form of MTD for ITSA is a clear signal that the digital future is on its way.”
Mark Pearson, Founder and Managing Partner at Fuel Ventures, commented: “We’re very happy that we can back the Hammock team for a second time with a significant ticket. With the legislation changes coming to the space in the near future, we at Fuel are confident that the Hammock product will have a significant impact.”
“We are delighted to support Hammock’s plans for continued growth throughout the property sector,” shared Tyler Thompson, Managing Partner, Second Century Ventures. “We enjoyed working closely with the talented and innovative team at Hammock throughout their time in the 2021 REACH UK program and look forward to helping them achieve even greater scale.”
Why was Hammock founded?
Founded by Manoj Varsani in 2019, Hammock helps landlords and property manages gain better oversight on the financial health of their rental properties.
Learning from his own experiences as a landlord, Varsani founded Hammock to make property finances work harder with bespoke banking, bookkeeping and property tax statements. Landlords who move away from spreadsheets and manage their property finances with this proptech platform find immediate benefits in terms of savings of both time and money.
What does Hammock do?
New Making Tax Digital for Income Tax Self Assessment (MTD for ITSA) deadline that is due to come into force in April 2024. Hammock aims to help the UK landlords and their accounting partners who are under increased pressure to file tax and maintain digital records.
Hammock plugs into a landlord’s bank accounts via open banking and monitors rent collection automatically. Also, it tracks payments and expenses and provides live analytical reporting on the well-being of each rental house or flat.
The platform gives landlords an intelligent dashboard and mobile app to house all of their property finances in one place. Hammock provides users with real-time access to transactions related to their rental properties, automated bookkeeping and draft property tax statements. Landlords get full visibility of the performance of their buy-to-let investments, allowing them to optimise their business decisions, and avoid any surprises with the tax bill.