DURBAN – Flow, a mobile app co-founded by Gil Sperling, Daniel Levy and Jonathan Liebmann has raised R20 million in South Africa’s biggest proptech seed investment to date.
Flow is setting out to revolutionise the rental space by rewarding good tenant behaviour and empowering millennial renters (commonly known as Generation Rent).
Kalon Venture Partners is the lead investor of R10 million, with co-investment of an additional R10 million from an international VC, which is in its final stages.
Funding will be used to accelerate the development of South Africa’s #1 app for tenants; to fuel growth and increase the base of tenants already using Flow; as well as to increase the range of rewards available to tenants.
Flow, the first app of its kind in the world, tenants (renters) across South Africa who download the app get rewarded for registering, adding their property details, paying their rent on time, looking after their homes, and much more.
Great tenants can earn thousands of points every month, increasing their Flow score and accessing incredible rewards.
For the rewards, Flow has partnered with leading brans in the lifestyle, entertainment, homeware, travel and fashions space. Some of the brands include Superbalist, OneCart, SweepSouth and Weylandts as well as airtime and electricity providers. More partnerships will be announced later this year.
According to Sperling, the inspiration for the app was that the property sector was an industry that had not seen much innovation making ideal for disruption. He added that millennials, the target market of the app, have become familiar with using technology to meet their needs but the rental process is very manual. This where Flow comes in.
The app was launched in early parts of 2019 and since the launch user growth has surpassed their expectations. People have found that the Flow app is very easy to use.
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