Alfred to Expand Footprint in Canada with $125M USD raise

Funding accelerates growth in Canada with executive hire to oversee market

TORONTO, March 11, 2022 /CNW/ -- Alfred, the largest residential technology company in the U.S., announced a strategic financing round led by Rialto Capital with participation from NEA, 166 2nd Financial Services, Holland Management and others.

The funding fuels Alfred entering strategic markets in Canada to continue rapid growth across the multifamily and single family rental sector. The Canadian expansion will be led by Stephen Tapp, previous Head of WeWork Canada who oversaw the operation and growth of that business unit with current Alfred president Arik Benzino. This team, which successfully scaled a similar offering in the commercial real estate industry in Canada, is reuniting to do it again within the residential space. Toronto will serve as the base for Alfred's Canadian HQ.

The expansion builds on Alfred's May 2021 acquisition of Canadian company HOM,  a wellness and events platform founded by Francesca Loftus, with operations in Toronto and Vancouver in addition to core US cities. Alfred already serves over 143,000 units across 44 markets in the U.S. and Canada.

"No matter what end of the real estate spectrum you're on – owner, operator or resident – you want more for your money," said Marcela Sapone, Alfred's co-founder and CEO. "More service, more income, more efficiency, more community, and you want it in one seamless experience. This raise allows us to continue our mission of making renting more rewarding for everyone through technology."

The funding which consists of a $50 million USD initial closing and access to up to an additional $75 million USD for future acquisitions, was also joined by Greystar Founder and CEO Bob Faith, Grubhub/Seamless Founder Jason Finger.

"We're on a mission to transform the real estate industry and growing our footprint in Canada is essential to achieving that. As we open our first office in Toronto, we'll be prioritizing hiring from within the community as well as partnering with forward-thinking property managers and owners who want to take a tech-first approach." said Sapone. "We sought out a leader who has successfully done this before, and Stephen Tapp's proven success in Canada with the commercial industry was a great fit for these strategic expansion efforts."

For the last 7 years, Alfred has been focused on elevating the resident experience by creating the most advanced residential management platform to operate modern communities. With the Alfred Operating System, AOS, owners and operators have a single stop to support all aspects of residential living including resident management and communication, management of on-site operations and maintenance, payments, and unique community and resident wellness amenities. Solutions include everything from smart package integrations, digital lease signing, utility and energy management, predictive insight into health and maintenance of a building, white glove moving services, vendor and integration management, renewal boosters and resident retention offerings. AOS will continue being available to all Alfred partners.

Today on average, less than 1%* of a property budget is being put towards technology, unlike other innovative industries which invest closer to 10%*, and owners typically must  manage disconnected technology options. As a partner, Alfred creates a customized bundle of technologies on top of its core offering to help owners and operators achieve their desired outcomes while eliminating the need to work with multiple technology partners.

Data shows Alfred clients benefit from increased renewal rates, faster lease-up times, above-market rents and below-market vacancies. Alfred members on average extend their lease an extra three months and communities that utilize AOS can increase net operating income up to 10% a year.

Contact:
Sonia Prashar, spPR
T: 416.560.6753
E: [email protected]

About Alfred
Founded in 2014 by Marcela Sapone and Jessica Beck, Alfred is the largest and most advanced residential management platform. Since its inception, Alfred has focused on providing a resident-first experience. With an unparalleled knowledge of what residents want and technology that boosts income and efficiency for owners and operators, Alfred provides a single stop that elevates the rental ecosystem for all involved. Named by Fast Company as one of the Top 50 Most Innovative Companies, Alfred's AOS technology drives lower operating costs and higher returns for property owners and operators. Through strategic partnerships with international real-estate owners and operators such as Hines, Related, RXR, Greystar, Invesco, Brookfield and J.P. Morgan, With RKW, Alfred's portfolio now extends to more than 300,000 residents in 44 cities across the U.S. and Canada and has planned expansions in Europe, Israel and Asia. To learn more, visit www.helloalfred.com

SOURCE Alfred