Proptech firm Residently has secured £7m in seed investment as it expands across the capital and New York.
The start-up, , raised the funds from Felix Capital, LocalGlobe and A/O PropTech, along with existing angel investors.
The company will use the investment to grow its 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,” he said.
“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 allows renters to search for properties, arrange viewings, take virtual tours, fill in forms, pay deposits and submit reference checks all through their phone. The company said it 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, all of which renters can manage via their app.
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In doing so, the company 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 individually styles and furnishes every property to help potential renters visualise how their home could look.
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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.”