UK-based Lyvly, a community platform that helps landlords and renters find and manage shared living accommodation, has raised $4.6 million in Series A funding. The investor was Mosaic Ventures. In addition to the funding, Greg Marsh, the co-founder of onefinestay, will become a chairman of Lyvly and an investor.
London, UK; 10th August 2018: Lyvly, a community platform that helps landlords and renters find and manage shared living accommodation, has secured $4.6 million Series A funding from VC firm Mosaic Ventures. Greg Marsh, the co-founder of onefinestay, joins the company as Chairman and investor.
Lyvly will use the funding to scale up the company’s London operations and develop its product, marketing and sales teams.
Lyvly is a living community, that matches great housemates to quality homes. The company 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). The brand maximises the potential of the new and fast growing co-living trend, whilst working with existing housing stock, rather than purpose built blocks
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. Due to the community and members’ experience, Lyvly can offer landlords lower occupier turnover and therefore higher incomes as properties don’t sit empty for any periods.
Lyvly differentiates itself from competitors by creating a genuine community experience for a specific target demographic, and aims to help them get more out of life. It hosts and supports member events to create connections between like-minded people.
Lyvly’s aim is to create the world’s first shared living community, where individuals can socialise and collaborate with people across accommodation. Hundreds of members are already part of the Lyvly community. Once you become a member of Lyvly you can be part of the network for life. The longer term vision is that members will graduate to different types of living accommodation to grow with them through their different life stages.
The company is built on the belief that it is the home that is the foundation of thriving communities and it is the people we share our lives with that make life worth living.
The startup has partnered with Loft, Food Envy, and Laundry Republic to provide additional community experiences.
Philip Laney, co-founder and CEO of Lyvly, said: “A lot of the housing sector doesn’t care for tenants, and they become more like commodities. Whereas we are creating genuine communities around rental housing that allow people to get a lot more out of their life. We have seen a huge movement towards building communities in almost all industries aside from housing. And we believe community should start at home.
The rental experience for young people in cities is stressful and unpleasant. People are also being forced to live further and further out just to be able to afford a decent home. We’re changing this. We also provide a service that makes life easier to manage and living with people a joy.
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.”
The company has global ambitions and is taking on a rental market share worth £12bn in London alone.
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.”
Greg Marsh, Chairman of Lyvly, said: “I’m delighted to be involved with Lyvly at a pivotal stage in its development. Co-living is a powerful innovation in the residential real estate market, and with Phil at the company’s helm, I believe Lyvly will be the company which leads the development of that new category in the UK and beyond.”
Lyvly was co-founded by Philip Laney, Dario Favoino and Siraj Khaliq. Philip and Dario both have more than 10 years of experience in real investment and property management at Deutsche Bank and Realstar. Siraj was an early engineering hire at Google in 2001, and one of the founding engineers for the Google Book search project. Siraj was CTO and co-founder of Silicon Valley startup Climate Corporation, a company that pioneered the use of machine learning in farming. Climate Corporation was acquired for over $1.1 billion in 2013.
Lyvly is a shared living platform with the goal of building the world’s first real shared living community. The platform helps renters find accommodation, and connect with other like minded people at similar life stages and manages bill payment, repairs and cleaning. For landlords, its services include property management, and finding and vetting new renters.
Using Lyvly, members reduce their costs, have more stability in living arrangements and can take advantage of social and networking events.
Lyvly secured $4.6 million in funding from Mosaic Ventures and the co-founder of onefinestay Greg Marsh in July 2018.
Mosaic Ventures is a Silicon Valley-style venture capital firm based in London, focused on investing in the most ambitious European technology companies at Series A. Founded in 2014 by experienced investors Toby Coppel, Simon Levene and Mike Chalfen, Mosaic Ventures is investing a $140 million fund in founding teams that are fundamentally reshaping big markets. The partners of the firm have 30+ years of experience investing on both sides of the Atlantic. In that time, they have invested across 10 countries in over 70 companies that together have created about $200 billion of value, and bring extensive operating experience at leading West Coast startups. The current portfolio includes Blockchain, Convoy, Entrepreneur First, and Habito. Prior to founding Mosaic Ventures, the partners invested in companies including Alibaba, Criteo, Etsy, Indiegogo, King, Pinterest, Squarespace and Transferwise.
About Greg Marsh
Greg was the co-founder and CEO of hospitality startup onefinestay, which was acquired by AccorHotels in 2016 in a deal worth more than $250m. Previously, Greg worked on the technology investment team at Index Ventures. In 2017, Greg joined the faculty at Harvard Business School. He is also a visiting professor at Imperial College Business School. In 2017, he was elected to the International Board of Amnesty International, where he also chairs the Remuneration Committee. Greg has an MA in philosophy from Christ’s College, Cambridge, and attended Harvard Business School on a Fulbright Scholarship.