Residently, which is focused on “building the brand” for the world’s $2 trillion long term home rental market, has acquired 161% (£2,015,460) of its £1,250,000 target from 481 investors through its crowdfunding campaign carried out via Seedrs (at the time of writing).
Located in London, Residently operates in the Property (Digital B2C) sectors.
Incorporated in Juned 2017, the firm’s investment summary is: Type: Convertible; Discount: 20%; Share price N/A; Tax relief N/A.
Here are the key business highlights:
- 47x growth in homes over 2 years, 84% MAU, 4.8/5 on Trustpilot
- Founders previously sold Shutl to eBay in 9 figure deal
- Backed by investors inc. Felix Capital, LocalGlobe & AO PropTech
- Also raising via a SAFE (£2.4M raised). EIS application submitted
Key features: Secondary Market; Seedrs nominee min. £10.00 +.
As noted by the firm:
“In a world where we expect to secure a taxi, takeaway or trip away in seconds, why do we tolerate friction and uncertainty where we spend most of our time and money? The mad scramble every time we need to move complete with endless paperwork and limitless anxiety.”
Their super-app “unifies the rental lifecycle, helping renters find, secure, live in and move home seamlessly.” The firm asks us to “imagine a world” where renters can:
- Secure their next home months in advance, before giving notice on their current home. Helped by reviews and information from people who have lived in that home before them.
- Breaking the cycle of compromise.
- Build their profile across all the homes they’ve rented – and then use it to skip the paperwork when it’s time to move. Giving them the freedom to move as easily as booking a holiday.
- Customise their home to their taste and needs. Choose from a range of furniture packages, home improvements & services all ready when they move in.
While sharing its monetization strategy, the firm noted that Residently plans “to generate revenue by taking a share of the value we create for different participants” in their ecosystem:
- Transaction fees – The firm will charge a % of rent for the removal of costs and elimination of void periods.
- Membership fees – The firm will charge a % of rent letting residents give notice on their home at any point and move on their terms.
- Affiliate fees – The firm will charge a % commission on home services sold to residents on the platform e.g. cleaners, movers, utility providers etc.
At a current annual average rental value of £21k pa, “a commission of 2% on 2% of the market in the UK & US would translate to a $250m revenue business,” the company claims.
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