Repairs and maintenance are a normal part of being a property owner. However, that responsibility is increased when you add tens or even hundreds of tenants to that property.
Dallas-based IFM Restoration is looking to help rental property owners with maintenance issues and repairs by connecting owners with skilled labor through an online marketplace. And it recently got a boost, landing a $10 million Series A funding round co-led by Austin-based S3 Ventures and San Francisco-based Brick & Mortar Ventures.
The round marks the first institutional funding for IFM, which stands for Integrity First Maintenance, according to Crunchbase. The startup, founded in 2016 by Danny Feldman and Dustin Marx, had previously raised a $1 million Seed Round. IFM’s platform allows for self-scheduled appointments and automated response times.
“They’ve solved some of the challenges unique to maintaining large portfolios of properties, and we’re excited to partner with them as they continue to build a market-leading company,” said Charlie Plauche, partner at S3 Ventures, in a prepared statement.
With the new funding, IFM plans to hire on new talent, as well as expand its propriety technology to help with the managing and maintenance of large portfolios of single and multifamily rental properties. The startup hopes to have the “largest network of highly skilled tradespeople in the country,” with the goal of bringing stability to the rental property contractor marketplace.
In addition, IFM plans to increase its investments in machine learning and artificial intelligence to help better match a contractor’s skillset with specific needs. The company said it will help to expedite the process and save property owners on expenses.
"Our contractor-centric model reduces the cash flow constraints they typically experience; the bottom line is contractors earn more money on our platform," Marx said in a prepared statement. "We take care of all the back-office needs from project management to bookkeeping to scheduling to demand generation, taking that load off the contractor so they can work more and ultimately make more money."
The company has seen steady growth recently. According to Crunchbase, IFM’s revenue was up 73% year-over-year in December. It hopes to bring its team size to 67 by the end of this year. IFM has 270 contractors on its platform and operates in eight states, including Florida, Arizona and Tennessee.
IFM told Crunchbase it doesn’t expect the coronavirus pandemic to affect its trajectory, as property repairs and maintenance work is still considered an essential service during the outbreak. However, the company has stepped up safety measures. It has provided its contactors with protective masks and is making efforts to screen residents before sending contractors out to a job site. In addition, it said if one of its contractors does test positive for the virus, it will pay them for up to 14 days while they are in quarantine.
“They have created a seamless, efficient technology solution that makes both sides of the equation—property owners and renters—experience a streamlined service visit,” said Darren Bechtel, founder and managing director of Brick & Mortar Ventures, in a prepared statement.
