Poplar Homes, a tech-enabled property management company for single family rental investors, has raised $53m in Series B funding.
The round was led by LL Funds with participation from new and existing investors including Crescent Cove Advisors, AGNC Ventures, LLC, the corporate venture capital arm of AGNC Investment Corp, computer scientist Jeff Dean, PropTech VC Zain Jaffer, and other seed investors.
Poplar Homes is a full-stack property management company that aims to empower both property owners and residents throughout their lifetime real estate journey. For renters entering the market, the company said it rebalances the power dynamic and makes it easy to get approved, view available properties and rent a home online.
Following the funding round, the company also made a series of hires and doubling its team. Poplar also made nine acquisitions of property management companies across the country ranging in portfolio sizes from 200-1,000 doors. Poplar said it plans to continue to leverage strategic hires and acquisitions to drive its growth strategy.
Greg Toschi, co-founder and CEO, said, “Single family rentals are an increasingly valuable asset, and Poplar is at the forefront of bringing institutional operating power to Main Street real estate investors, who are often spending hundreds of hours a year on everything from leasing and maintenance to legal issues and accounting.
“We’re well positioned with 7,500 doors and growing to help everyday property owners nationwide improve their margins on their rentals while also adding real-time transparency into the day-to-day operations, robust financial reporting, and guaranteed rent payouts.”
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