Why We Invested in Rely
Excited to Announce Our Investment in Rely!
We are thrilled to share our investment in Rely! We led their pre-seed round and invested in their $4.5M seed round led by 2048 Ventures.
Every time a multifamily asset changes hands or gets refinanced, thousands of unstructured documents need to be reviewed: leases, rent rolls, vendor contracts, utility agreements, financials. The process is entirely manual. Teams pull together spreadsheets, hire outsourced auditors, and spend weeks combing through hundreds of pages per resident, just to verify what is already supposed to be true. And the worst part is that the same diligence gets redone by every party on every deal. Buyers redo what sellers did. Lenders redo what buyers did. Nobody trusts anyone else's work. Meanwhile $146B of multifamily transactions flow through this every year, with $769B in loan maturities coming due by 2027.
Foundation models can parse a lease well enough, but parsing a document is not the job. The job is orchestrating a full audit: cross-referencing hundreds of leases against the rent roll, applying state-specific compliance rules to each unit, and producing source-linked output that is auditable enough for an institutional buyer to close on. Rely does exactly that, ingesting entire data rooms and converting thousands of files into structured, source-linked outputs in minutes. Lease audits are the wedge, with vendor contracts, work orders, and financial audits layered on top. Every deal processed through Rely compounds into a proprietary dataset that becomes the trusted record of truth across buyers, sellers, lenders, and operators. We think Rely is building the system of record for multifamily transactions.
The results speak for themselves. At Preiss (a top 10 student housing owner-operator), a process that previously took ten staff members one to two weeks now takes under an hour. Cardinal Group (one of the largest student housing managers in the US) and Olympus (a $9B+ multifamily owner-operator) are also early customers, and operators across the industry are not just signing up but asking to invest in the round.
George Matelich (CEO) led product at Hometap and previously worked at Updater, where he sold into and partnered with the multifamily operators Rely now serves. David LoBosco (CTO) was an engineering leader at Upright, building infrastructure for processing real estate transactions at scale. Together they bring the proptech operator instincts and AI-native engineering chops to build for a market that has historically resisted both.
Great to continue backing George, David, and the team on their $4.5M seed led by our friends at 2048 Ventures, alongside Range Ventures.
If you're an acquisition team, lender, or servicer tired of redoing the same diligence over and over, get in touch with Rely!
