The largest residential technology company in the U.S. is coming to Canada. New York’s Alfred announced a USD $125 million strategic financing round today with the funding earmarked to fuel their entrance into new strategic markets in Canada.
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.”
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.
“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.”