Fort Collins-based TurboTenant announced this week that it has raised a $6.5 million Series A round that will help the startup build out its property management software.
The round was led by Utah's RET Ventures, a firm focused on next-gen real estate technology, with participation from previous investors including Denver's Access Venture Partners.
On TurboTenant, landlords can list properties, share the listing across a dozen websites like Apartments.com and Realtor.com, review applications and manage tenants. The service is free for landlords and TurboTenant collects a $35 to $45 application fee from tenants.
The service is designed to support independent landlords that don't typically have access to the software available to larger property management companies.
Since launching in early-2016, TurboTenant has serviced more than 200,000 landlords and had more than two million renters use the platform.
“We have deep customer insights and data that help us innovate and expand our product offerings based on demand and value. Our goal has always been to use technology to revolutionize the rental process. The influx of capital will help accelerate that process,” TurboTenant founder and CEO Sarnen Steinbarth said in a statement.
The company will use the funding to expand its communication tools and integrate an AI assist for landlords with tenant selection.
The round will also support additional hires on TurboTenant's marketing and development teams. The startup currently has 18 employees and told Colorado Inno that it plans to add an additional 10 to 15 employees in the next year.
“TurboTenant caught our attention because of its uniquely powerful software for independent landlords and tenants,” said RET Ventures managing director John Helm. “The company delivers an incredibly valuable online suite of landlord tools to a historically underserved segment of the independent landlord market, which has made it one of the fastest growing rent tech companies in the market today. We hope to help them continue their rapid growth and expansion into the multifamily industry, cementing their leadership position.”
This round builds on TurboTenant's $2.2 million seed round led by Kirk Holland of Access Venture Partners last year.
The company told Colorado Inno that it has no plans to move from its Old Town Fort Collins headquarters, adding that a rotating work from home schedule has allowed them to maximize their office space.
