Property platform, Homely, has received its first strategic pre-seed investment from UST, a digital transformation solutions company.
The value of the investment is undisclosed but Homely said it is in “the double-digit millions”.
Founded in 2021, Homely harnesses technology and partnerships to support people’s homeownership journey by improving their financial position and connecting them to tailored guidance, support, and products. The group partners with landlords, renters, and financial institutions to increase transparency and accountability during the rental and buying process, as well as providing incentives and rewards through its brand partners.
The new funding will help Homely complete the development of its tech platform and launch its proposition to the market, including activating several partnerships with established and trusted brands. This could include a partnership with Aviva, which both parties are currently exploring a partnership.
UST will be an integral strategic partner for Homely as it navigates the UK property market and delivers solutions for renters and homeowners. The group has an established track record of investing in businesses across a broad range of market sectors, including financial services, healthcare, manufacturing, retail, semiconductor, and technology.
Homely CEO, Lewis Scott, said: “UST’s renowned presence as leading providers of digital technology and transformation services, and the depth of knowledge of its experts, aligns particularly well with Homely. As a business we want to offer innovative, data-led solutions to the current issues facing the property market.
“At such a crucial moment for the property market, this first round capital raise will allow Homely to help more people on their journey to homeownership. When it feels like buying a home, or qualifying for a mortgage, is moving further and further out of reach, Homely is committed to providing innovative solutions, underpinned by technology.
“As we expand and evolve moving forward, there will be further opportunities on the horizon for investors to work with us and be part of an important journey to help more people become HomeReady. We look forward to working closely with UST and driving forward better outcomes for the UK property market.”
Chief delivery officer at UST, Praveen Prabhakaran, added: “We are pleased to join forces with Homely, a truly innovative brand that is 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.”
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