TurboTenant, an online platform helping landlords improve investment performances on properties, has scored $6.5m in a Series A round.
PropTech-focused investment firm RET Ventures led the round which also received contributions from previous TurboTenant backer Access Venture Partners, among others.
This capital injection has been earmarked for growing the marketing and development teams, in a bid of increasing customer growth and product innovation.
TurboTenant is designed to help landlords and tenants across the US with marketing syndication, online applications, tenant screening, lead management, communication, and more. Currently, the app supports over 200,000 landlords across the country.
Landlords can leverage TurboTenant to list their properties on a variety of listing sites through one-click, and instantly receive a potential renter’s criminal history, credit report, and past evictions.
The company is looking to launch additional services soon including support for collecting rent payments.
RET Ventures managing director John Helm said, “TurboTenant caught our attention because of its uniquely powerful software for independent landlords and tenants.
“The company delivers an incredibly valuable online suite of landlord tools to a historically underserved segment of the independent landlord market, which has made it one of the fastest growing rent tech companies in the market today. We hope to help them continue their rapid growth and expansion into the multifamily industry, cementing their leadership position.”
RET Ventures closed its maiden fund on $108m late last year to support the PropTech industry in North America. The fund is supported by a number of real estate investment trusts including Aimco, Broadwalk, Essex, MidAmerica, UDR, and investors including Starwood Capital, Cortland, and GID.
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