Mobysoft has secured a substantial, undisclosed investment from private equity firm Livingbridge. Mobysoft’s RentSense predictive analytics software helps housing providers to protect their revenues and mitigate bad debt by predicting which tenants will and won’t pay their rent.
Mobysoft reported that Livingbridge’s investment will be used to develop other predictive software solutions for the social housing sector. In 2015/16, RentSense helped Mobysoft’s customers reduce their combined rent arrears by around £29 million.
Derek Steele, founder and chief executive, Mobysoft, said, “Mobysoft has grown rapidly over the past few years as more housing providers chose to deploy RentSense. This investment will enable us to bring to market other complementary software based on predictive analytics that can help social landlords deliver further efficiencies. It will also enable us to scale rapidly in terms of development and bring to market other solutions to a sector that we are already recognised within.”
Nick Holder, director of new investments, Livingbridge, said, “Mobysoft already has a strong market presence and great growth potential in a sector Livingbridge knows well. With the perfect combination of sector-leading software, an entrepreneurial management team and the capital to pursue its growth ambitions, this is a very exciting opportunity.”
