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Thiruvananthapuram, Aug 10
UK-headquartered free-to-access digital platform Homely, which aims to create a fairer property market for homebuyers and renters, has received its first strategic pre-seed investment from digital transformation solutions provider UST at a valuation in ‘double-digit millions.’
Boosting tech platform
Founded in 2021, Homely harnesses technology and partnerships to support home ownership by improving the financial position of customers and connecting them to tailored guidance, support, and products. A UST spokesperson said the funding will help it develop its tech platform and activate partnerships with established and trusted brands. The company is currently exploring a partnership with insurance giant Aviva.
Flexible ownership products
Homely partners with landlords, renters, and financial institutions to increase transparency and accountability during the rental and buying process, and provides incentives and rewards through brand partners. Its launch proposition includes a new way of buying property that allows immediate access to the housing ladder via Homely flexible ownership p products, which connect prospective homeowners to flexible, institutional capital.
UST has an established track record of investing in innovative businesses across a broad range of market sectors, the spokesperson said. It has helped guide digital transformation journeys for prominent companies including Fortune 500 and Global 2000 clients across financial services, healthcare, manufacturing, retail, semiconductor, and technology. It will be an integral partner for Homely as the team navigates the UK property market.
Homely leadership team
Homely’s senior leadership team is made up of Lewis Scott, Founder and CEO; Steven Ward, Chief investment Officer; Paul Birkin, Chief Technology Officer; and Ellis Scott, Head of Mortgages. It also has support from a number of advisors with industry and business expertise to help navigate current market challenges and provide industry leading technology solutions.
Praveen Prabhakaran, Chief Delivery Officer, UST
Data-led solutions
Scott saidUST’s digital technology expertise and transformation services and its depth of knowledge align particularly well with Homely. “As a business we want to offer innovative, data-led solutions to the current issues facing the property market. This first round capital raise will allow us to help more people on their journey to homeownership. There will be further opportunities on the horizon for investors to be part of a journey to help more people become home-ready. We look forward to working closely with UST and driving forward better outcomes for the UK property market.”
Praveen Prabhakaran, Chief Delivery Officer, UST,said Homely is an innovative brand 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.” Homely’s digital platform will be live by the end of 2023.
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