Proptech startup Residently raises £7m to develop global brand
Residently, the UK startup that is building the global rental platform, has secured £7m in seed investment to help fund its growth in London and New York.
Investment comes from leading European VCs including Felix Capital, LocalGlobe and A/O PropTech, as well as existing angel investors.
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.
Founder and CEO Tom Allason wanted to design a rental experience around tenants, having had unsatisfactory experiences renting homes in several countries around the world. In doing so, he realised that landlords could also benefit from a better way of doing things.
“We are building the global rental brand by using tech to offer flexibility and smart services to renters.
“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.”
Residently said it is committed to enhancing the living experience. Renters can search for properties, arrange viewings, take virtual tours, fill in forms, pay deposits and submit reference checks all through their phone.
The company guarantees broadband is set up before arrival, offers flexible move in dates, and even sets up utilities.
The firm also offers services that today’s renters expect, such as moving, storage, furniture rental, cleaning and digital locks, all of which they can manage via their app.
The company said it has achieved a Trustpilot score of 9.5 out of 10.
For landlords, Residently offers 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 will individually style and furnish every property to help potential renters visualise exactly how their home could look – an industry first.
From September, landlords can use Residently’s full service, including all marketing for zero commission, for six months.
Antoine Nussenbaum, Partner at Felix Capital said: “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 said: “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 said: “We back fearless entrepreneurs with the ambition and the vision to re-shape the future of real estate. Tom is exactly that, aiming to disrupt the most important part of one person’s journey, from every walk of life.”
“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.”