Unlocking Opportunities: Hammock Secures $5.5 Million Funding for Proptech Solutions

July 1, 2022

Author: Karan Bodh
Unlocking Opportunities: Hammock Secures $5.5 Million Funding for Proptech Solutions

Hammock, a UK FinTech firm, recently secured a substantial $5.5 million funding round aimed at assisting landlords and their accountants in navigating the digital landscape amidst sweeping reforms. Spearheaded by Fuel Ventures, alongside Second Century Ventures and Ascension Ventures, this investment underscores the pressing need for innovative solutions in light of upcoming changes.

The impending implementation of Making Tax Digital for Income Tax Self Assessment (MTD for ITSA) mandates quarterly tax filing and digital record-keeping for the nation's two million landlords and their financial partners. Manoj Varsani MBE, founder and CEO of Hammock, sees this as an era of opportunity, emphasising the inevitability of a digital future. He states, "Government changes in the form of MTD for ITSA is a clear signal that the digital future is on its way."

Drawing from personal landlord experiences, Varsani established Hammock to streamline property finances through tailored banking, bookkeeping, and tax services. Transitioning from traditional spreadsheets to Hammock's platform yields immediate time and cost savings for landlords.

Mark Pearson, Founder and Managing Partner at Fuel Ventures, expresses confidence in Hammock's potential impact amidst legislative shifts. He remarks, "With the legislation changes coming to the space in the near future, we at Fuel are confident that the Hammock product will have significant impact."

Hammock's platform offers landlords an intelligent dashboard and mobile app, consolidating property finances for enhanced oversight. Real-time access to transactions, automated bookkeeping, and draft tax statements empower landlords to optimise business decisions and preempt tax surprises.

Tyler Thompson, Managing Partner at Second Century Ventures, underscores support for Hammock's expansion within the property sector. He anticipates even greater scalability for the innovative platform.

Varsani's commitment to leveraging technology for societal good is evident in his previous project, SOS Supplies, which facilitated PPE distribution during the COVID-19 pandemic. He believes in technology's potential as an enabler for positive change and pledges continued support for altruistic endeavours as Hammock grows.

Hammock's latest funding round positions it as a key player in the evolving landscape of property finance. By providing landlords and accountants with intuitive tools to navigate digital reforms seamlessly, Hammock stands poised to revolutionise how property finances are managed in the UK.

In conclusion, Hammock's $5.5 million funding round signifies a significant milestone in its mission to empower landlords and accountants amidst digital reforms. With innovative solutions tailored to meet evolving needs, Hammock is poised to shape the future of property finance in the UK.