London-based property management platform for tenants, landlords and landlords Lofti has raised $1.5 million in a seed round from Taiwanese family office fund WoodJC. As well as expanding services in the UK and launching an Android app on top of its existing iOS and web platform, Lofti is using the funding to hire Revolut lead product Yang Li as product manager. and design, co-founder and CTO of Plum Alex. Michael as Acting CTO, Angelos Pillos as FXPro CTO, and Principal Engineer Demetris Hoplaros as Head of Solutions Architect and Head of Software Engineering, respectively. And as if that weren’t enough, Vasileios Zavitsanos has also joined as COO after leading the property development and management arm of a major family office, Vible.
Founded in December 2020 by Andreas Gerazis, Lofti’s goal is to create a community platform that enables collaboration between service providers, contractors, owners, builders and tenants to improve and maintain their properties.
“Since arriving in the UK I have been a tenant, landlord, landlord and property developer. It has given me insight into the issues within the industry that cause a lot of stress and waste a lot of time and effort. money to all parties,” says Gerazis. “My view is that we need to focus on basic needs by creating a community approach where everyone is able to work together to raise standards. That means improving the relationship and communication between landlords and contractors, and tenants and landlords.By working together, we can reduce costs, improve satisfaction and give everyone a better deal.
Lofti is developing a suite of solutions that includes the UK’s first on-demand fixed price booking system for selected contractors. What this means in plain English is that landlords and renters have a list of Uber-like contractors who may (or may not) accept the job. The advantage here is that, just like Uber, users can track the arrival time of their rental (if only utility companies would accept this – hey wait, new startup idea?), the community, accepting and paying fees, and approving the work performed.
In addition to the transparency offered by the collaboration features on the platform, Lofti also uses data analytics to predict potential maintenance issues, cutting them off before they arise.
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. Addressing these issues within the real estate industry will help a lot of people. There are also plenty of opportunities to expand Lofti’s offering in a number of exciting ways. I am delighted to join the team and work alongside some of the biggest talents in the UK startup scene.