End-to-end rental management software startup RentSpree has raised $17.3 million in a Series B funding round it will use to expand its product offerings for both renters and agents while also seeking to further develop strategic partnerships.
The fresh round of capital was led by Green Visor Capital, with participation by new backers Rally Ventures, the California Association of Realtors, Venture MLS, ECG-Research, KEC Ventures and Gaingels. Existing investors 645 Ventures and Vesta Ventures also supported the funding round, according to a Monday (Aug. 29) press release.
This latest funding brings the company’s total amount raised to nearly $28 million. Headquartered in Los Angeles, California and co-founded in 2016 by CEO Michael Lucarelli and COO Paul Sirisuphang, RentSpree is aiming to empower and facilitate communication between renters, landlords, and agents. It’s striving to help the real estate industry embrace a growing nation of renters and offers a universal tenant screening process, renter management and partnership program.
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“We recognized a marked shift toward renting that has been years in the making,” said Michael Walsh, General Partner, Green Visor Capital. “That transformation has only accelerated over the last 24 months. RentSpree is well-poised to continue leading the industry through these changing dynamics due to its partnerships, product innovation, and momentum.”
One new tool RentSpree is expanding and enhancing with the fresh funds is its rent payment product. RentSpree has seen rent collected increase on average by more than 30% year to date by clients using its rent payment tool. RentSpree is tracking to process over $160 million in rental payments over the next 12 months, according to the press release.
The platform also provides renters with decision-enablement resources to better understand their finances, solve money pain points, and achieve long-term goals. Agents and brokers get tools to diversify their client portfolio and income and help support their rental clients’ transition to homeownership.
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“From RentSpree’s start, we wanted to create an easier and more effective process to qualify renters,” said Lucarelli. “In time, we realized that we were only scratching the surface of unmet needs within the market, such as streamlining marketing, facilitating payments, and helping consumers build wealth. With the introduction of new tools and plans for strategic partnerships in today’s hot rental market, it is our goal over the next 24 months to have 30%+ of all active U.S. agents leveraging RentSpree, and together, we will assist millions of rental clients annually.”