A free service that helps landlords manage their portfolios more profitably but also sell individual properties to sitting tenants through an innovative funding model has secured its first big cash injection to develop the platform.

Homely says the undisclosed investment will value the firm in the ‘double digit’ millions.

The business has a three-pronged approach; to help landlords and tenants manage properties better; enable tenants get on the property ladder; and help landlords sell their properties to existing tenants.

It also claims to help both small and large portfolio landlords by offering more efficient financing opportunities, reduced vacancy rates and increased tenant retention.

Launched in 2021, Homely’s overall aim is to work with landlords, home owners, renters and finance firms to grease the wheels of renting, being a landlord, getting on the property ladder and home ownership through both tech and partnerships with finance firms such as Aviva.

Obscure

The company providing the funds to move Homely from obscure tech platform to household name is UST, a US-based global provider of tech to digital platforms.

Lewis Scott (main picture, inset), CEO of Homely, says: “At such a crucial moment for the property market, this first round capital raise will allow Homely to help more people on their journey to homeownership.

“When it feels like buying a home, or qualifying for a mortgage, is moving further and further out of reach, Homely is committed to providing innovative solutions, underpinned by technology.”

Praveen Prabhakaran, Chief Delivery Officer, UST, says:“We are pleased to join forces with Homely, a truly innovative brand that is using technology to offer modern solutions to longstanding problems within the UK property market.

"This is truly aligned to our core mission of 'Transforming Lives' and we look forward to playing a significant role in enriching and enabling the homeownership journey.”