Proptech startup secures £7m seed investment to go global

A proptech startup has raised £7m in seed funding to accelerate its growth in London and New York.

Property management service Residently secured the funding in a seed investment round that saw participation from Felix Capital, LocalGlobe and A/O PropTech, along with existing angel investors.

Founded by Tom Allason, Residently aims to provide an enhanced rental experience focused around tenants, using digital technology to streamline rental processes.

Tom explained: “We are building the global rental brand by using tech to offer flexibility and smart services to renters.

“We put them first because by improving the experience for renters, we positively disrupt the economic model for property investors and owners - enabling them to maximise their yield with minimum hassle.”

The funding will be used to grow the startup’s engineering and product teams, support building the rental portfolio in London and New York, and add extra services to Residently’s Living platform.

Antoine Nussenbaum, partner at Felix Capital commented: “There’s a gap in the market for a property agent that truly cares about renters and landlords.

“Tom and his team have both the tech, the experience and the passion to disrupt the industry in ways that are long overdue and we’re excited to be working with Residently to create a world leading rental brand and help expand this unique service to even more cities across the globe.”

Remus Brett, partner at LocalGlobe added: “We have a history of backing ambitious founders and companies that offer truly disruptive, exciting tech and we’re proud to welcome Tom and Residently to the portfolio.

“It’s time the industry had a startup that understands what renters and landlords need and we’re delighted to be working with Tom to help fund his global expansion and add to the fantastic team.”

Gregory Dewerpe, partner at A/O PropTech, concluded: “We back fearless entrepreneurs with the ambition and the vision to re-shape the future of real estate. Tom is exactly that, aiming to disrupt the most important part of one person’s journey, from every walk of life.”