TFLiving, which seeks to bring services to residential and commercial spaces, today announced the closure of an initial financing of $ 4.8 million directed by Camber Creek. Courtside Ventures and other strategic investors also participated in the round.
TFLiving uses technology to connect service providers, such as massage therapists, yoga instructors and dog walkers, with property managers and their residents. The service allows residents to enroll in classes or services, as well as request other community events or services, directly from an application.
The most popular use of the service is physical conditioning, both in classes and in individual trainings, but TFLiving offers a relatively wide variety of services and experiences to residents in its 300 associated properties.
Is that how it works.
TFLiving signs alliances with building property managers that currently do not offer services or wish to complement existing service offerings. After reviewing the building, TFLiving determines if there is any underused space in the building, such as a rooftop or a vacant unit, that could be reused for community classes.
After evaluating the space, TFLiving surveys residents and determines what interests them through the application, which then offers real service provider options in the service within the guidelines of the property manager's financial guidelines.
One of the strengths of the business, according to founder and CEO Devin Wirt, is that the platform's cost structure is highly customizable. Who pays is a question that the property manager can answer. If the building has a large budget for community participation and the property manager believes it is valuable to offer 5 classes / month and unlimited massages upon request, they can choose to do so. The property manager can also grant TFLiving access to the building without paying a penny, passing the total cost of the service to the residents.
In most cases, property managers will pay the bill for community events, while residents pay their own individual services, such as massage and walking dogs.
Because the prices of TFLiving are based on the service and are not calculated by the number of units, the product can have an affordable price within the budget of the property and according to the demand of the residents.
TFLiving also allows property managers to mark the class or service and keep a portion of the profits. For example, if a property manager does not have the budget for classes or community services, but does not mind letting the residents book individual personal training at the on-site gym, that property manager can increase the cost of the classes of physical conditioning at 20 percent and generate some income that could eventually go to community events.
"One of the things that we stay quite strict about is how far they can market prices," Wirt said. "As a central mission of keeping us within reach of all asset classes, we understand that because we are not paying a lease, we can charge below the market price. We still want to remain faithful to our central mission that we want to provide affordable services. ".
Unlike ClassPass, which also connects service providers with users in the physical space, TFLiving does not dynamically value its various classes and services based on their popularity or quality. Fitness classes, for example, always range between $ 50 and $ 80, with geography being the main determinant of the specific price.
The company declined to share the revenue breakdown between the company and the service providers, but noted that it varies by vertical and that the service providers receive the majority of the revenue.
Currently, TFLiving has agreements with properties in 29 states, with contracts in more than 800 properties, which will soon cover more than 200,000 units.
Wirt says he also sees the potential to implement TFLiving in commercial spaces, such as offices.
In addition, TFLiving has worked on the technological aspect to be as useful, not necessarily as prominent as possible. TFLiving integrates with a variety of property management platforms, from mobile porter applications to platforms to pay rents and maintenance requests. Residents using these applications can request and book TFLiving services directly from those platforms.