Lyvly, a platform that helps landlords and renters find and manage shared living accommodation, has secured $4.6 million Series A funding from venture capital firm Mosaic Ventures. Along with that, Greg Marsh, the co-founder of onefinestay, joins the company as Chairman and investor.
The funding will be used by the company to to scale up the its London operations and develop its product, marketing and sales teams.
Philip Laney, co-founder and CEO of Lyvly, said,
We’re so excited about this investment as it will enable us to continue our rapid growth. We already have an incredible team and advisors and will be expanding this further. We are recruiting recruit some of the best developers, marketers and sales staff to help us bring our service across the UK and Europe.
Lyvly says that it addresses the need for community, convenience and affordability in the urban rental experience. It is designed to remove pain-points for both landlords and renters, (who they refer to as members).
Individuals looking to move into a Lyvly home apply through the members’ committee, which consists of people from the existing community. Lyvly manages the whole experience for members, who pay one single monthly payment that covers the cost of rent, bills, cleaning, consumables and repairs.
All Lyvly homes are fully furnished, right down to the teaspoon in the kitchen drawer. For landlords, Lyvly finds and vets high quality potential renters who stay for the long term, and provides them with property management services.
Simon Levene, Partner and Co-Founder of Mosaic Ventures, said,
Long term residential rental is a multi-billion dollar asset class where business model innovation is overdue. Leveraging community for shared living offers such potential. Lyvly provides a platform for renters to be matched with great properties and flatmates, taking care of logistics and much of the hassle. Landlords win too, with happier tenants/fewer voids and a better property management service.
The company’s aim is to create the world’s first shared living community, where individuals can socialise and collaborate with people across accommodation. The startup has partnered with Loft, Food Envy, and Laundry Republic to provide additional community experiences.
Founded in 2014 by Toby Coppel, Simon Levene and Mike Chalfen, the company has global ambitions and is taking on a rental market share worth £12bn in London alone.