Digital property renting platform Residently has secured £4.5m in the latest funding round for its all-in-one rental app.
Looking to modernise the home rental market, Residently has built an app to do everything required to rent property in a single digital space. Users can arrange physical viewings, take virtual tours, make offers, pay deposits, and extend or renew leases.
The company was founded on the idea that digitising mundane or complicated chores through apps has made so many of these tasks more convenient.
“In a world where we can secure a taxi, takeaway or trip away in seconds it is nuts that we tolerate friction and uncertainty where we spend most of our time and money,” said Residently founder Tom Allason.
“We started by digitising the rental journey, next up is solving the greatest problem with renting.”
The startup also noted that half of all renters in the UK are under 35, meaning there is a significant proportion of consumers looking to rent that are of a generation used to digital solutions to everyday tasks.
The funding round was led by Love Ventures and also featured participation from existing investor Felix Capital.
“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,” said Adrian Love, a partner at Love Ventures.
“Tom and his team have the ambition and understanding to re-shape the customer experience for renters in ways that are long overdue.”
Residently previously raised £7m in a seed funding round that featured LocalGlobe and A/O PropTech.
The company founder previously founded delivery startup Shutl, which was then purchased and become a wholly-owned subsidiary of eBay.