Residently, the London-based rental platform, has secured £7 million in seed investment to help fund its growth in London and New York.
The funding will be used to grow the startup’s engineering and product teams, support building the rental portfolio in London and New York and add extra services to Residently’s Living platform.
Investment comes from leading European venture capitals including Felix Capital, LocalGlobe and A/O PropTech, as well as existing angel investors.
Tom Allason, founder and chief executive officer of Residently, had unsatisfactory experiences renting homes in several countries around the world and wanted to design a rental experience that can help both tenants and landlords.
“We are building the global rental brand by using tech to offer flexibility and smart services to renters,” he says. “We put them first because by improving the experience for renters, we positively disrupt the economic model for property investors and owners - enabling them to maximise their yield with minimum hassle.”
Renters using Residently can search for properties, arrange viewings, take virtual tours, fill in forms, pay deposits and submit reference checks all via the app. The company guarantees broadband is set up before arrival, offers flexible move in dates and sets up utilities. Residently also offers services such as moving, storage, furniture rental, cleaning and digital locks.
For landlords, Residently aims to offer a property management service that takes care of all viewings, paperwork, property maintenance and renewals without any hidden fees. As part of its marketing package, Residently says it will also individually style and furnish every property. From September, landlords are able to use the startup’s full service, including all marketing for zero commission, for six months.
Antoine Nussenbaum, partner at Felix Capital, adds: “There’s a gap in the market for a property agent that truly cares about renters and landlords. 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.”
Remus Brett, partner at LocalGlobe, adds: “We have a history of backing ambitious founders and companies that offer truly disruptive, exciting tech and we’re proud to welcome Tom and Residently to the portfolio. It’s time the industry had a startup that understands what renters and landlords need and we’re delighted to be working with Tom to help fund his global expansion and add to the fantastic team.”
Gregory Dewerpe, partner at A/O PropTech says: “Residently is creating a brand and a new market, helping both tenants and landlords converge towards a seamless, digitised and more transparent journey, creating a new need for a powerful ecosystem and platform. We are thrilled to be part of this journey as an investor and a strategic partner.”