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Tuesday, December 06, 2022

Silicon Valley: He’s Argentine, He Created A Rental Application And Helps You Realize The Dream Of Owning A Home

Rent a house and save up to fulfill the dream of owning a home, with monthly payments on the contract. The same idea came up with Argentine Ale Resnik when he moved to Silicon Valley, after completing his master’s degree at MIT in Boston, and what became one of the leading platforms for permanent rentals in the United States Belong. Recently, it closed an investment round of US$80 million.

“I’ve always programmed since I was a kid, and my dad gave me a computer when I was five. I started my first company at the age of 18, and I went on to study in ITBA. managed to pay for. But it wasn’t until I moved to California to live I started with the idea of ​​Belong, partly because of the bad experiences I’ve had for renting in Argentina and the United States. I understood that there is a big problem for the tenants and the owners, ”said the entrepreneur.

The app not only connects supply and demand, but also seeks to lift tenants out of the perpetual cycle of rent and achieve the dream of home ownership. With each contract payment, Belong sets aside 3% of the total in a kind of “forced savings” so that tomorrow the tenant can buy their home. Similarly, a part of what the owners get is put into savings, so that in the future they continue to buy homes to rent and have more supplies.

“I think this is something we can do. Since we have multiple owners and they want to sell their properties, Belong facilitates the sale of houses. If tenants buy the house through the application, then We earn a little less with the operation, but they already have a portion left to buy it., We feel like it has a social impact and both owner and tenant feel more invested in that relationship.he explained.

Belong Team, Which Recently Completed A Us$80 Million Investment Round
Belong Team, which recently completed a US$80 million investment round

Other than this software, From the platform they provide services for the maintenance of the house. from an internal team, They offer to take care of the unit’s plumbing, electrical and renovation. Born in 2019, after three years he has operations in San Francisco, Los Angeles, San Diego, Seattle, New York, Miami and one of the largest offices in Utah.

Looking at the Argentine rental market, Resnick compared the “excessive regulations” with those in the city of San Francisco and commented that instead of solving the housing problems, they increased. “When there are many regulations, companies fail to grow, the market becomes more depressed and prices go up”, Graphic.

A few months ago, the company closed a Series C investment round for US$80 million. It was led by Fifth Wall, as well as backed by the Andreessen Horowitz (A16z) platform, GGV Capital and Battery Ventures, who already participated in the previous round.

With the new capital, Belong announced they would be opening 150 new positions in engineering, product and data science. Currently, a large portion of the development and product team are located in Argentina, Mexico and Colombia. “I am Argentinian, even though I have been abroad for ten years. The most beautiful thing for me is that I do what I do with the talent of my country and Latin America. Hill.

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