TurnKey Vacation Rentals Inc. is the latest Austin company to notch a major capital infusion, announcing July 23 that it raised $48 million.
California-based Altos Ventures, an existing investor, led the round. Other existing investors also contributed, including Adams Street Partners, Greenspring Associates and Harmony Partners.
TurnKey is a vacation rental management company for luxury properties. It has built a website where property owners can list their rentals and consumers can come to book stays in places such as South Padre and Galveston in Texas; Aspen and Steamboat Springs in Colorado; and Jackson Hole, Wyoming.
TurnKey also offers property management: installing noise monitors, Wi-Fi routers and other technology; cleaning the rentals; and providing 24/7 support for property owners. It also markets the properties on larger sites like Airbnb and Vrbo. In return, property managers and owners pay TurnKey a commission, which can range from 10 percent to 23 percent, according to the Austin American-Statesman.
The company said it has more than 4,600 homes under management in 80 U.S. markets.
The $48 million funding is the largest venture capital haul for an Austin-area company since EverlyWell announced in April it had raised $50 million.
TurnKey also announced July 23 that John Banczak is now the company's chairman and CEO, T.J. Clark is now president and chief development officer, and Chief Financial Officer Jen Ford will also assume the role of chief commercial officer.
This story was first published in the Austin Business Journal. Click here to see the rest of the story [subscriber content].
