A group of the largest operators in multifamily real estate is now helping Amenify, a real estate technology startup that offers multifamily property managers a “managed marketplace” of amenities that they can offer to their residents, grow its business.
Amenify announced this week that it raised $2.7 million in a funding round led by RET Ventures, which launched late last year and is backed by some of the multifamily industry’s biggest players.
In November, Aimco, Boardwalk, Essex Property Trust, MAA, and UDR partnered with Starwood Capital Group, Cortland, and GID to invest $108 million in a venture capital fund organized by RET Ventures, an early stage venture capital firm.
The companies invested $108 million in a fund, Real Estate Technology Ventures I, which was to be used to invest in “disruptive real estate technology companies” in the multifamily industry.
Last year, the fund made one of its first investments in a company called SmartRent, a smart home automation platform company for property managers and renters.
And now, it’s leading the way on investing in Amenify.
According to Amenify, the new funding will help the company further develop its technology, secure provider partnerships, and create additional value for multifamily owners and operators.
“Why do office buildings get all of the attention for experiences while we neglect where we live? Just as WeWork reshaped the office-tenant relationship through technology, Amenify is reshaping the apartment-resident lifestyle, which is a larger addressable market,” said Everett Lynn, Amenify’s CEO.
“The multifamily housing industry previously lacked the digital infrastructure, integration, and ongoing support to make this a reality,” Lynn added. “We are thrilled that RET Ventures continues to support our vision and utilize the investor buying power to create unique value for our clients.”
The company supplies property owners with network of vetted providers for resident services, including dog walking, massage therapy, fitness training, cleaning, and staffed events. Amenify said that it has integrated with major brands such as Shipt, Havenly, and Lyft to “create the next generation of amenities.”
Amenify currently operates in 15 markets and plans to continue expanding.
“We believe residential is the new retail, and apartment owners are sitting on a mountain of unlocked value,” said John Helm, managing director of RET Ventures. “In-home services and partnerships are growing quickly, and we believe that Amenify has the right blend of technology and real estate experience to be the largest player in the industry. There are tremendous network effects here.”