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- Residently has raised £4.5 million ($5.4 million) to build a digital marketplace for renters.
- The startup allows renters to arrange viewings through its app while offering virtual property tours.
- Check out the 10-slide pitch deck it used to raise the fresh funds below.
Residently, a startup that aims to digitize the entire rental process for both renters and agents, has raised £4.5 million ($5.4 million) in fresh funds.
The London-based company, founded in 2017 by serial entrepreneur Tom Allason, wants to build a marketplace for rental properties that will have the same disruptive impact Uber had on taxis and Deliveroo had on takeaways.
Homes available within the next 30 to 90 days are listed on the platform, enabling tenants to avoid paying double rent as they wait for their existing tenancy to come to an end. The app also boasts resident reviews and can facilitate communication between residents and property managers.
The startup allows renters to arrange viewings through its app, while offering the opportunity to take virtual tours of properties they’re interested in before making an offer and putting down a deposit. If renters want to stay on, the startup also enables them to extend and renew leases.
Residently also allows users to include add-ons for their property such as broadband, furniture, and cleaning, to ensure it is prepared as they need before moving in.
According to Allason, the app’s ability to allow renters to secure their next home more than a month in advance can “eliminate unnecessary stress and double rent”, as well as “costly voids for landlords”.
“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,” he said. “We’re here to transform the experience and economics of renting.”
Demand for rental properties is increasing as years of climbing house prices has left many young people in the UK in cities such as London, Birmingham, and Manchester turning to rentals as they are priced out of securing a mortgage and buying a home.
Despite the growing demand, the UK suffers from a shortage of rental homes, with research from Capital Economics, a consultancy, suggesting that the sector will need to boost supply by 227,000 homes per year over the next 10 years to ensure sufficient supply.
Residently raised its funds from a number of investors including Love Ventures, Felix Capital, LocalGlobe, A/O PropTech, and a Seedrs crowdfund.
Check out the 10-slide pitch deck Residently used to raise the funds below: