Halo.rent raises £1.25m to digitize home rental process
13 May 2021 3819 Views
Halo.rent, a proptech startup from the UK, announces the launch of its tenant engagement platform that streamlines the entire rental onboarding process, and offers additional services to tenants and landlords during the tenancy. The company has raised a £1.25m pre-seed round from angel investors and the European Commission. The platform is now open to the public, following field testing with leading UK property managers.
The property rental process today is very fragmented. Tenants discover properties on classified ads portals, but that’s where their digital journey ends. Keeping track of the disparate apps designed to coordinate and ease home rentals is a struggle. Neither tenants nor agents have a clear overview of each stage of individual service provider, and typically experience a time-consuming process of email and phone communications.
Halo.rent automates operations and communications with the help of AI, making the whole experience transparent and stress-free. Unlike a property management system, Halo.rent is a tenant engagement platform that enables agents and property managers to unify their services and partner offerings into one digital tenant experience. The technology layer aggregates all of the individual service providers (existing property management systems, smart deposit services, utility switching companies, credit checks, referencing) into one engaging, intuitive platform. Agents benefit from an average 90% reduction in administrative tasks. They also gain exposure to additional revenue streams through a curated marketplace of service providers who offer commission payouts. Tenants can rent homes within just a few clicks and have all their home services handled in one platform.
During development, Halo worked with a small group of senior advisors*, from both the technology and property sectors, including Alvaro Bolivar, Ivan Gowan, prof. Andrew Baum and Nick Jopling. Over the last six months, the technology has been successfully tested with a number of smaller letting agents in the market and, more recently, they’ve started testing it with larger operators like FirstPort and High Street Group.
“Halo.rent is helping to change the rental market for good,” says prof. Andrew Baum. “I believe its technology-driven service layer will become a market standard in the coming years. It’s a game-changer for both letting agents and larger property managers.”
“Today, tenant rental journeys are broken and frustrating due to fragmented and outdated software environments,” said Benas Baltramiejunas, co-founder and CBDO at Halo. “Our mission is to make renting a home seamless and fun! We’ve modernized the process, and we’re seeking to create a one-stop-shop for the 135m (and counting) renters in Europe.”