RentSpree, an end-to-end rental management software provider, has raised $17.3m in Series B funding.
Based in Los Angeles, RentSpree provider rental software aimed at seamlessly connecting real estate agents, owners and renters to simplify and automate the entire rental process, from listing to lease.
The round was led by Green Visor Capital, with participation also from Rally Ventures, Venture MLS, ECG-Research, KEC Ventures, and Gaingels, with participation from existing investors 645 Ventures and Vesta Ventures.
This brings the company’s total amount raised to nearly $28m.
According to RentSpree, these investments will help the company expand product offerings for both renters and agents and secure additional strategic partnerships, furthering its mission to help the real estate industry embrace a growing nation of renters.
With rising mortgage rates making it more expensive to buy a home, the demand for rentals has been skyrocketing, according to RentSpree. As such, the company plans to use the funding to further empower renters, agents, and landlords with new tools, such as rent payment.
The company added that is has seen an average monthly increase of rent collected via this latest feature by more than 30% year to date. Given this trajectory, RentSpree said it is on track to process more than $160m in rental payments over the next 12 months.
Michael Lucarelli, CEO of RentSpree, said, “From RentSpree’s start, we wanted to create an easier and more effective process to qualify renters. In time, we realised that we were only scratching the surface of unmet needs within the market, such as streamlining marketing, facilitating payments, and helping consumers build wealth.
“With the introduction of new tools and plans for strategic partnerships in today’s hot rental market, it is our goal over the next 24 months to have 30%+ of all active U.S. agents leveraging RentSpree, and together, we will assist millions of rental clients annually.”
Rhino, a real estate technology company and “pioneer of security deposit insurance”, recently partnered with AmTrust Financial to provide an additional $60m in premium-writing capacity for its core product offering.
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