The funding from UST will support the completion of its technology platform and market launch.
"UST’s renowned presence as leading providers of digital technology and transformation services, and the depth of knowledge of its experts, aligns particularly well with Homely. As a business we want to offer innovative, data-led solutions to the current issues facing the property market."
The London-based lettings platform secured the Series A round led by Surebind to fund technology development and geographical growth.
"Home renting is such an important part of so many people’s lives – for both tenants and landlords. We realised that we could make a real difference to millions of people, in an industry that seemed like it could benefit greatly from new thinking and new technology."
The round was led by Beringea and backed by several prominent investors to accelerate market expansion.
"We are excited to welcome onboard some of the industry's leading investors as part of this fundraise and to have them support us on our mission to expand our market reach and help build better places. Commonplace is not only helping developers in gathering real-time feedback and public opinion, but also to reach those communities who wouldn't normally interact with application proposals. Boosting participation in community projects will empower positive engagement and help to build better cities and communities."
The funding round was led by Beringea with participation from Grosvenor Property UK, The Conduit Impact Fund, Concrete Ventures, Oxford Innovation Finance and Foundation Ventures.
"We’re super excited to be joining forces with these leaders in placemaking and proptech to accelerate our mission to inspire thriving places, powered by insights and collaboration. Moving beyond our sector’s aspiration to deliver social value, our work will allow users to define, plan for, target and then evidence the positive impact their buildings and places have on those who live and work in them. Just as environmental measurement frameworks are now supporting our decarbonisation journey, Commonplace’s increased product focus on social value will become a critical support to analyse and understand the ‘S’ in ESG."