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Proptech

Online lettings platform bags another £4.4 million in funding

Residently has secured a major injection of funds to expand its offering in London, five years after its launch.

David Callaghan

residently

Proptech firm Residently has revealed €5.2 million of new investment five years after launching into the London market.

The online lettings specialist, which has digitised as much of the rentals business as possible, has received new funding from Love Ventures, alongside existing investors Felix Capital, LocalGlobe and A/O PropTech as well as a Seedrs crowdfund.

Residently claims to digitise the process of finding, setting up and running a home, so it is as simple as ordering a taxi or a takeaway.

It has eliminated hidden lettings fees and digitised referencing, contract signing, utility set-up and furnishing. The app lets renters arrange viewings, take virtual tours, make offers, secure their home, pay deposits and extend or renew their lease.

Broadband and other utilities can be set up in advance along with services like moving, storage, furniture rental, cleaning and digital locks. Bills are all setup and managed through a single monthly payment.

Greatest problem

Tom Allason (left), founder of Residently, says: “We started by digitising the rental journey, next up is solving the greatest problem with renting.

“Letting renters secure their next home more than a month in advance will eliminate unnecessary stress and double rent for them and costly voids for landlords.”

Adrian Love, partner at Love Ventures, says: “There’s a gap in the market for a property platform that radically transforms renting, that’s also truly aligned with both renters and landlords.

“Tom and his team have the ambition and understanding to re-shape the customer experience for renters in ways that are long overdue.”

Residently set to ‘shake up the sector’

July 22, 2022

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