The UK’s first renting platform aimed at professional 25-35 year olds who want to rent with like-minded people has landed a £3.5 million cash injection jointly from a leading venture capital firm and a high profile entrepreneur.
Lyvly is a part letting agent and property manager, part tenants’ club that has been founded by Philip Laney and Dario Favoino.
The pair helped establish one of America’s leading apartment management companies, Realstar.
Lyvly already has 100 properties under management in London. Its tenants are offered high-end furnished apartments for an all-inclusive rent.
In return they join a community of sharers from similar professional and cultural backgrounds and are offered deals and access to social events within their apartment blocks.
The company claims to be a broker between landlords and tenants, and its landlord clients include both private and institutional investors.
It also works alongside fund managers and build-to-rent developers to increase income and reduce voids, claiming that its membership model persuades tenants to stay longer.
Lyvly also says it appeals to rental home hunters who don’t traditionally use portals or high street letting agents to find rental properties, although the company doesn’t make it clear how these people have found homes until now.
The £3.5 million investment comes from both early-stage VC firm Mozaic Ventures and OneFineStay.com founder Greg Marsh. It will be used to expand the Livly operation.
“Today’s renters are looking for much more than existing housing offers,” says Laney (pictured, left).
“They want community, connectivity, and social purpose. Lyvly provides that by bringing like-minded people together at similar life stages to live together at a more accessible rental level and helping them to get more out of life with simple services and great connections.”