PropTech startup Homie, which has built a home search platform for renters, has attracted an additional $4m in Seed funding.
The round was led by Connect Ventures and drew participation from Seedcamp, Venture Friends and The Family.
Founded in 2016 by Alex Eid, Homie has raised just under $6m in funding to date, and uses a proprietary aggregator platform to search the market based on user’s preferences.
Speaking about the funding, Eid, the founder and CEO, said: “This new investment represents an incredible opportunity for us to further develop our tech platform and team without compromising on any of the personal aspects of Homie that make it so unique. Our vision has always been to make London’s rental market faster, more transparent and easier to navigate whilst delivering a personal service.”
Today’s news comes amid research conducted by the startup, which found that renters in London were spending up to 20 hours a month researching homes and spending a further five hours attending property viewings. Homie claims that people using its services are able to find a home in less than four hours scattered across three days.
Connect Ventures’ managing partner Sitar Teli, went on to explain why her firm had backed the London-based startup.
Scottish startup developed world’s lightest, greenest electric bike, raises £1.85M funding
“The home rental experience has had little innovation on any front. As a Londoner who has been through the process of finding a flat to rent five times in eight years, I know the problem Homie is solving first hand several times over.
“Homie is changing the experience end-to-end, using data and software to make the experience significantly more efficient and enjoyable. At Connect, we look for the rare companies that use technology to change a user experience from terrible to delightful, and we’re excited to be backing Homie to do this for renters on a much larger scale,” she concluded.
Check out our UK tech investment tracker for the latest industry deals.