NEW YORK and CAMBRIDGE, MASS. - Bedly, the first platform to provide a network of end-to-end rental housing services, has raised $2.7M in venture capital to scale its business. The seed funding was lead by Accomplice with participation from Founder Collective and several angel investors. The funding will be used to increase members (renters) and increase housing inventory in New York City and Boston where Bedly has been in early release since mid-2016.
"Why are we still renting the same way we have for the past 100 years? The old way is antiquated and makes no sense for the new generation of renters. Bedly has killed the 12-month lease, freed you from nonsense like seeing the apartment in person, hooking up utilities and buying/moving furniture. Want to live in a different neighborhood? Cool, pack your clothes and move in tomorrow. Leave the nonsense to us," said Martin Greenberg, co-founder and CEO of Bedly. Since Bedly's early release last year, it has provided housing to more than 1,000 members through its platform.
Bedly's members, primarily young professionals and students, have access to a network of apartments, shared housing for rent, and roommates. Members can search a selection of units by desired price and neighborhood, and connect with Bedly's concierge service to find compatible roommates. Members have the freedom, and are encouraged, to move around within the Bedly network of properties to find the perfect neighborhood, roommates, and apartment.
Rental terms are flexible and agreements are easily executed through the platform. Bedly handles everything, including furnishing, maintenance, utilities, and WiFi, which is standard in all Bedly housing. Move in is quick and hassle-free as the apartments are move-in ready; and Bedly needs only assign a personalized security code for access to the space via a digital lock.
Bedly doesn't own its housing inventory. It has agreements with building and condo owners and manages all day-to-day administrative, tenant communications and property management functions for them.
"The housing rental market has fallen out of touch with the increasingly mobile/on-demand society that wants simplicity. Bedly fixes that and delights both renters and landlords in the process," said TJ Mahony, venture partner at Accomplice. "Bedly has the potential to be the world's largest landlord that doesn't own any buildings."
"Bedly is addressing a big problem in a big market with an innovative business model and technology. Its platform has the potential to not only efficiently scale the business but to add new services and social functionality. We're excited about the progress the team has to date and its potential to create a new marketplace," said David Frankel, managing partner, Founder Collective.
Member quotes:
"There's a lot of stress involved in apartment/roommate hunting, at any moment something could go wrong and it could all fall through. With Bedly, there's no time to stress, everything you need is taken care of completely and quickly." - Mia Moulon, Boston Member
"There's a lot of stress involved in apartment/roommate hunting, at any moment something could go wrong and it could all fall through. With Bedly, there's no time to stress, everything you need is taken care of completely and quickly." - Mia Moulon, Boston Member
"Bedly is one of those companies that is changing the game. My entire housing process was smooth, quick and easy, every step of the way. From searching, to booking online to moving in, Bedly removed all the hassles that I was dealing with when it came to traditional housing."- Richel Reynders, New York Member
Landlord quote:
"Bedly is an innovative player in the space and has been an excellent partner. They're completely trustworthy, dependable and professional. We'll work with them whenever we can." - Jay Bisognano, Torrington Properties.
"Bedly is an innovative player in the space and has been an excellent partner. They're completely trustworthy, dependable and professional. We'll work with them whenever we can." - Jay Bisognano, Torrington Properties.
