Picket, a firm that provides integrated technology and services for residential real estate investing, has completed a Series B funding round worth $20m.
The capital was raised in a round led by LL Funds, with participation from RET Ventures, a previous lead investor from Picket’s Series A round in 2022.
Picket is revolutionising the real estate industry by providing investors with an all-in-one platform to identify, evaluate, acquire, and manage single-family rental (SFR) properties across markets using robust data and analytics. This platform uses a plethora of data points including rental and sale valuations, neighbourhood-level data such as school scores and crime rates, and more, to rank properties according to investor criteria.
The funds will be used to speed up innovation and further broaden technology-enabled services for investors and rental home residents. Backed by its proprietary workflow automation technology, Picket’s teams aim to enhance the entire lifecycle of single-family rental assets, thereby improving investors’ operating income and the quality of life for rental residents.
Picket’s residential customers currently enjoy the advantages of a fully digital leasing process, smart home technology, and a custom mobile app. This feature suite also includes online bill pay, work order management, and a dedicated resident services team.
Philadelphia-based LL Funds, known for their investment in high-growth finance and technology companies, will help Picket navigate its next growth phase through this Series B investment. As part of the deal, LL Funds partner, Jim Morrissey, will join the Picket board of directors.
LL Funds partner Jim Morrissey said, “Picket is dedicated to building the industry’s highest-quality residential real estate investing tools and services, and its success is a reflection of that focus. We could not be more excited about the opportunity to partner with this team as they transform the way people invest and live in single-family rental homes.”
Picket has made considerable strides since its inception, helping a growing list of clients invest more than $270m in single-family rentals last year. While initially focusing on institutional clients, the company is now expanding its reach to individual investors.
Reflecting on the recent growth, Picket co-founder and CEO Quinten “Q” Shay said, “Picket’s growth has been significant in the last 18 months, and the company’s ability to rapidly innovate on behalf of single-family investors of every size is unmatched. We’re thrilled to be able to offer investors access to advanced data, analysis, and tools that simplify and streamline the real estate investing process, and we look forward to significantly expanding our reach in the months and years ahead.”
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