🔒Maine real estate data platform raises $4.5M to fund growth
From left, David LoBosco, left, and George Matelich are the co-founders of Rely, a Portland-based startup that has developed a data platform for multifamily real estate investors. FILE PHOTO / COURTESY OF RELY
With the new funding, Rely plans to add to its engineering team with hires in New York and New England and strengthen network relationships with lenders and service providers.
Rely, a Portland-based data platform for multifamily real estate deals, raised $4.5 million in seed funding to fund its next chapter.
Led by founders George Matelich and David LoBosco, the AI-powered platform helps institutional real estate investors conduct due diligence and audits in a fraction of the usual time, allowing them to cross the finish line sooner. Early results show that one customer completed the process in less than an hour, at two to three times the cost savings of other solutions, according to the company.
Matelich is based in Kennebunk, while LoBosco recently relocated from Colorado to New York. They lead a team of six employees at Rely.
The funding round is led by 2048 Ventures, an early-stage venture capital firm based in New York and Boston, with participation from Denver-based Range Ventures and San Francisco-based Better Tomorrow Ventures.
With the new funding, Rely plans to add to its engineering team with hires in New York and New England and strengthen network relationships with lenders and service providers.
"Every acquisition team should be closing with complete, accurate data — not relying on manual data entry," said Matelich. "Lease audits are where we started, but the vision is bigger: to become the system of record for real estate transactions, where buyers, sellers, lenders and operators are all working from the same structured, reliable data layer."
Funding environment
Zann Ali, a partner at 2048 Ventures, touted Rely’s AI-native approach to one of the most manual workflows in real estate.
"The team is compressing lease audits that once took weeks into hours — and we believe they're building the foundational infrastructure for multifamily diligence,” he said.
While Rely has a longstanding relationship with 2048 Ventures, the startup connected with Range through a friend and has done "a lot of networking over the years," according to Matelich.
A screen shot offers a glimpse into Rely, a real estate data platform for institutions investors. IMAGE / COURTESY OF RELY
Matelich describes the current fundraising climate as mixed.
“VCs are becoming increasingly wary of big labs” such as Open AI and Anthropic, "and concerned about defensibility," he said. “That means they are taking a ‘watch and wait’ approach.”
While that's not the case for all funds, "the world is changing and fast," he said.
