London’s property management platform for tenants, homeowners, and landlords Lofti has raised $1.5 million in a seed round from Taiwanese family office fund WoodJC. In addition to expanding services in the UK and flashing out an Android app in addition to its existing iOS and web platform, Lofti is using the funding to hire Revolut’s Lead Product Yang Li as Product and Design Lead, Co-Founder and CTO of Plum Alex Michael as Interim CTO, FXPro Tech Lead Angelos Pillos, and Senior Engineer Demetris Hoplaros as Solutions Architect Lead and Software Engineering Lead respectively. And if that weren’t enough, Vasileios Zavitsanos has also joined as COO from previously leading the property development and management arm of a prominent family office, Vible.
Founded in December of 2020 by Andreas Gerazis, Lofti’s aim is to create a community-driven platform that allows collaboration between service providers, contractors, property owners, homebuilders, and tenants to improve and maintain their properties.
“Since coming to the UK I have been a tenant, homeowner, landlord, and property developer. This has given me insight into the problems within the industry that cause a lot of stress and waste a lot of time and money for all parties,” says Gerazis. “My view is that we need to focus on fundamental needs by creating a community approach where everyone is able to work together to raise standards. This means improving the relationship and communication between homeowners and contractors, and tenants and landlords. By working together we can cut costs, improve satisfaction and give everyone a better deal.
Lofti is building out a suite of solutions that include the UK’s first on-demand fixed price booking system for vetted contractors. What this means in plain English is that homeowners and tenants have an Uber-like list of contractors that can accept (or not) the job. The upside here is, much like Uber, users can track the arrival time of their hire (if only utilities companies would get on board with this - hey wait, new startup idea?), community, agree and pay fees, and sign off on the work done.
In addition to the transparency afforded by the collaboration features on the platform, Lofti also uses data analytics to predict potential maintenance issues, cutting them off at the pass before they happen.
When asked about his decision to join Lofti, Yang Li, comments, “Lofti is an exciting startup to join because of its commitment to innovation coupled with its ambition. Tackling these problems within the property industry will help a lot of people. There is also a lot of scope to develop Lofti’s offering in a number of interesting ways. I’m delighted to join the team and work alongside some of the UK startup scene’s leading talent.”