The UK-based startup Residently has raised £7 million in seed funding, with a tech platform to simplify and modernize the rental process for tenants in London and New York, according to Tech Crunch.
A press release from the company said they’ve earned backing from European venture capital firms including Felix Capital, LocalGlobe, and A/0 PropTech, as well as angel investors that had already signed on to the project.
Residently’s platform manages every step of the rental experience, from property hunting, to scheduling viewings, virtual tours, signing forms, providing references, and deposit payment, all through their mobile app. Add-on services include storage, movers, furniture rental, cleaning, and digital locks, all managed through the app.
“Residently is building the world’s rental brand with a platform for rental properties designed around the needs of the renter,” according to founder Tom Allason. “Residents enjoy a seamless digital rental experience, can choose their move-in date, a furniture package, cleaning service and move seamlessly from property to property within the network. Property owners benefit from reduced void periods and lower fees than traditional agents.”
According to a 2016 report, renters now outnumber homeowners in London, and by 2025, 60 percent of London residents will be renting their homes. Residently is aiming to digitize that experience and provide convenient options for renters, such as flexible move-in dates and broadband that is set up before arrival. The company will also help style and furnish properties.
By focusing on the needs of tenants, Allason says the company hopes to gain loyal clients and “develop that relationship over multiple tenancies and properties which we can monetise with services.”
For landlords, Residently will provide property management services to coordinate viewings, paperwork, maintenance, and renewals.
“There’s a gap in the market for a property agent that truly cares about renters and landlords,” said Felix Capital partner Antoine Nussenbaum. “Tom and his team have both the tech, the experience and the passion to disrupt the industry in ways that are long overdue and we’re excited to be working with Residently to create a world leading rental brand and help expand this unique service to even more cities across the globe.”
The startup will use the new seed funding to expand its engineering and product teams, build its rental portfolio, and add new services.
Photo by Mark Ahsmann [CC BY-SA 3.0 (https://creativecommons.org/licenses/by-sa/3.0)]