TurboTenant Raises $6.5 Million to Support Rapid Growth and Product Innovation for Flagship Online Landlord Tool Suite
RET Ventures Leads the Company’s Latest Round of Financing Aimed at Fueling Adoption by Major Multifamily Owners and Operators
Fort Collins, Colorado – July 17, 2019 – TurboTenant, the industry-leading free online platform for tenants and landlords, raised $6.5 million in Series A funding led by RET Ventures with participation from previous investors including Access Venture Partners in Denver, Colorado. The Company plans to expand its marketing and development teams to fuel customer growth and product innovation.
“We are excited to welcome RET Ventures to TurboTenant’s strong team of investors. RET Ventures’ deep industry connections and experience in the rent tech space makes them an impressive strategic investor. We look forward to making the rental process easier for millions of landlords and renters by creating new and innovative features with this round of funding,” said Sarnen Steinbarth, TurboTenant Founder and Chief Executive Officer.
TurboTenant leads the independent landlord industry in cutting-edge software aimed at assisting landlords and tenants across the United States with marketing syndication, online applications, tenant screening, lead management, communication, and more. More than 200,000 landlords in all 50 states use the TurboTenant platform.
“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.”
TurboTenant remains committed to the mission of helping landlords and property managers bring the rental process into the twenty-first century. The Company’s tools empower landlords to manage smarter, faster, and more effectively, including rent payments and communication tools that will soon be launched.
“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,” said Steinbarth.
TurboTenant helps independent landlords improve the investment performance of their properties by offering them access to online tools, previously only available to large property management companies. More than 200,000 landlords across the U.S. turn to TurboTenant for free, online solutions for landlording. Features offered by TurboTenant include online rental applications, tenant credit, and background reports, property listings and marketing, and renters insurance. All of TurboTenant’s features empower landlords to manage smarter, faster, and more effectively.
About RET Ventures
RET Ventures is the first industry-backed early stage venture fund focused on helping build cutting-edge real estate technology companies for the multifamily industry. The Firm connects the smartest rent tech solutions with the largest network of multifamily and single-family rental units in North America. RET Ventures works with high-quality entrepreneurs to rapidly scale their businesses by leveraging the knowledge and expertise of its team and limited partners, who own close to one million units. In turn, these owners receive early access and insight into the most effective technology solutions. For more information, please visit www.ret.vc.