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U.K. PropTech Star Residently Raises £7m in Funding

By Phil Butler | August 31, 2019

In news from the U.K. proptech sector, building platform Residently has just gleaned £7 million in seed funding. The funding from Felix Capital, LocalGlobe and A/O PropTech.

Residently team
The Residently team

The seed funding is slated to be used to grow Residently’s engineering and product teams. In addition, the startup says the rental portfolios in London and New York will now be expanded. Co-founder and CEO Tom Allason offered this via the Residently blog:

“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 maximize their yield with minimum hassle.”

Residently will be adding a number of services on the product side of things. The “Living” platform of the service already has things like cleaning, storage, insurance, and even furniture rentals to streamline the renting process. Antoine Nussenbaum, partner at Felix Capital offered this via Residently’s press:

“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.”

Allasan, who founded Shutl, a startup sold to eBay, now aims to “digitize” the rental experience through smart technology. Residently lets renters search for properties, arrange viewings, take virtual tours, fill in forms, and much more. Even utilities like broadband service can be set in place before the move-in date.

At the other end of the process, landlords can take advantage of Residently property management service for viewings, paperwork, property maintenance, and so on. The platform even offers a marketing package where potential renters can style out a space to envision how it will eventually look.

Residently is offering a new deal for landlords in conjunction with this latest funding. Starting in September, landlords can use Residently’s full service, including all marketing for zero commission, for six months.

Phil Butler is a former engineer, contractor, and telecommunications professional who is editor of several influential online media outlets including part owner of Pamil Visions with wife Mihaela. Phil began his digital ramblings via several of the world’s most noted tech blogs, at the advent of blogging as a form of journalistic license. Phil is currently top interviewer, and journalist at Realty Biz News.
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