Alfred raises $125M round, completes first property management acquisition

Alfred, a resident technology company, has raised a $125 million strategic financing round led by Rialto Capital.

The Tuesday funding, which consisted of a $50 million initial closing and access to up to an additional $75 million for future acquisitions, also saw participation from NEA, 166 2nd Financial Services, Holland Management.

Greystar Founder and CEO Bob Faith, Grubhub/Seamless Founder Jason Finger and RKW Cofounder Jay Massirman, also contributed the round.

New York-based Alfred’s platform (also known as Hello Alfred) looks to unlock valuable time for users by handling the long list of small routine items that add up over the course of a week and still require human oversight.

The company partners with residential buildings to provide access to an Alfred – a person who essentially becomes an extension of residents taking care of a multitude of services and chores on their behalf – whether it be grocery shopping, picking up or dropping off dry cleaning, going to a specialist shop, mounting a TV and so on.

Since its 2014 launch, the proptech has evolved into a more tech-centered solution provider for multifamily and rental properties through its residential management software, AOS. The platform includes everything from smart package integrations, digital lease signing, utility and energy management and even predictive insight into health and maintenance of a building.

The proptech last raised funding in 2020 in a $42 million Series C round led by Greystar Capital.

In tandem with Tuesday’s funding release, Alfred also unveiled its acquisition of RKW Residential for an undisclosed amount – its fourth acquisition overall and first in the property management space. With it, Alfred will gain access to RKW’s 30,000 single-family and multi-family rentals across the Southeastern United States.

“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.

“By acquiring RKW, we can more deeply deploy technology to learn, innovate and continually elevate the rental experience for all,” Sapone added.

Previous Alfred acquisitions include HOM, a wellness and events platform; Bixby, property management technology Alfred accredits as essential to developing the AOS platform; and WunWun, an on-demand service platform.

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