Belong, a rental property marketplace and management platform, announced on 20th May 2022, that it has raised US $50 million in equity and US $30 million in debt capital from Fifth Wall.

Real Estate

The money will be used to grow the company’s products and penetrate new markets, with plans to hire more people and emphasize product development.

Belong is a three-sided marketplace that caters to homeowners, landlords, and tenants. It offers home management services to homeowners, including an in-house maintenance crew and financial tools to monitor assets, which it claims makes owning a rental home easier. Guaranteed rent tools and property improvements are among the options available to help property owners get their units ready to rent.

What the founder has to say:

Belong founder -Ale Resnik:

“We’re keenly aware of the difficulties people face when they need to rent a home and how difficult it is to afford a home.

We looked into why there weren’t more individual homeowners, which would benefit the economy in the long run. And we found that buying a home, managing it, and doing so in a stress-free manner was not easy.”

What the investors have to say:

Fifth Wall Partner Dan Wenhold:

“Belong’s people-first model, we believe, elevates the bar for the future of home rentals and ownership. Belong delivers a full-stack approach to property management with in-house operations and service personnel in each area where they operate.”

About the company:

logo

According to Resnik, the company has a range of revenue streams. For one thing, homeowners pay 8% of their rent to Belong for the service of “managing their property from beginning to end.” It features a built-in payment infrastructure, so tenants can pay through the platform and automatically deduct money. The startup receives a 6% portion of the rent each time a resident is found for a residence. It also enables homeowners to finance any house upkeep or repairs required.

Belong aims to lift tenants out of their “second-class citizen” status by connecting them with homeowners “who want to give them a terrific experience,” while the latter hand over control to the business.

Belong now has offices in the Bay Area, Southern California, Miami, and Seattle and a LatAm-based technical team, which Resnik is proud of. Thousands of homeowners and nearly 7,000 renters are currently using the platform. The company plans to grow into other areas, hire more people, and focus on product development with the new funds.

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Kshitij does business research and content writing for VCBay. Pursuing BBA from Symbiosis Center Of Management Studies (SCMS) Pune, he is skilled in Financial Modeling, Stock valuation and Microsoft Excel. He is passionate about Entrepreneurship and Finance.

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