Chicago real estate startup Livly has raised a new round of funding to improve its property management software.
The tech company announced Thursday that it raised more than $8 million. Investors include private equity group Geolo Capital, venture capital groups OCA Ventures and Founder Equity, and other undisclosed investors from across the real estate industry.
The new funding brings Livly’s total funding to more than $18 million. The startup raised a $10 million round last spring when it launched.
Livly is building a tech platform for property managers and renters that aims to be a one-stop-shop to help property owners manage their rental properties. Its platform allows owners to collect rental payment, offer tenants easy access to renter’s insurance, manage maintenance requests and track in-unit package deliveries. It also acts as a central digital tool for renters to communicate with property owners and request services.
The startup was founded by co-CEOs Brian Duggan and Alex Samoylovich, who is also the co-founder and managing partner at Cedar Street Capital, a real estate investment company.
"We're very fortunate to have such strong support for our vision from both institutional and strategic investors, who position Livly as one of the best capitalized startups in this burgeoning industry," Duggan said in a statement. "This investment round is a vote of confidence from the private markets in our unique ability to create substantial value for our clients in the multifamily industry."
The new funding will be used to launch Livly in new domestic markets and develop new tech features that improve the user experience. Currently, Livly says it’s available in more than 10 U.S. cities, and its clients include Golub, Related and Tandem.
Livly isn’t the only local startup to announce it has raised funding amid the ongoing coronavirus crisis. AI software startup ModelOp and logistics company Forager have continued to announce new funding rounds within the last week.
