PropTech company Property Brands has picked up an undisclosed investment from Insight Ventures.
As part of the transaction, Providence Strategic Growth, which led the company’s previous fundraise, will retain a minority investment partnership.
Tennessee-based Property Brands provides end-to-end software for property management, rent payment processing, background screening, and renters insurance. The company’s technology is used by property management companies in the multifamily, single family residential, student housing, affordable housing and commercial markets.
Through the technology, companies can also access accounting, customer relationship management and background screening.
Property Brands CEO Lisa Stinnett said, “This partnership will allow us to accelerate our mission to provide best-in-class solutions to our customers. We help property management companies solve challenges, become more efficient, reduce operating cost, and improve resident experience.”
This investment marks Insight Ventures second in the FinTech space this year. Last week, the firm took part in the $28m funding into data technology provider Duco. The London-based company hopes the capital injection will allow it to expand its geographical footprint.
Enertiv, a real estate portfolio management company, closed a $4.25m investment round last month, from Fifth Wall. The New-York based company helps to automate the operating costs and running quality of an investors portfolio.
Last year, around 8 per cent of the total investments made in to North American FinTech companies, went to ones with PropTech solutions. The sector was the fifth biggest in the region, with marketplace lending leading the way with a 26 per cent share of the capital.
Copyright © 2018 FinTech Global
