Rentalutions, a Chicago-based online platform for landlords, announced this week that it plans to expand its offerings thanks to a $2 million round of funding.
According to the company, Cultivation Capital led the round of funding, along with M25 Group and Sandalphon Capital. Rentalutions previously raised $1 million since its launch in 2012.
The company currently offers services like simplified property listings, applicant screening, leasing, payments and maintenance for independent landlords.
The company said that it plans to use the funding to add new features to “automate common time-consuming and expensive processes, including finding and screening tenants, accepting payments and managing maintenance requests.”
Rentalutions Co-founder and CEO Ryan Coon said that the company was founded to ease the burden on part-time landlords.
“When we launched Rentalutions in 2012 as DIY landlords ourselves, we found it was incredibly difficult and time consuming to be a part-time landlord,” Coon said.
“Our vision is to ease headaches for independent landlords at a lower cost than a property manager,” Coon added. “This investment will help us continue to do that at greater scale, while developing new tools for landlords and their tenants.”
As part of the round of funding, Cultivation Capital General Partner Cliff Holekamp will be joining the Rentalutions board.
“Rentalutions is modernizing the way independent landlords think about and manage their rental properties,” Holekamp said.
“As a landlord myself, I know how difficult it can be to manage a property without any experience or comprehensive resources available,” Holekamp added. “It’s refreshing to see someone tackling the challenges we face with one comprehensive solution. Cultivation Capital looks forward to continuing to support Rentalutions as they grow and scale.”