In funding led by Real Estate Technology Ventures, TurboTenant has raised $6.5 million in an effort to expand its marketing and development teams, and to fuel customer growth and product innovation.
TurboTenant is a tool used by landlords and tenants across the country to aid with marketing syndication, online applications, tenant screening, lead management and communication. RET Ventures is a tool that connects rent tech solutions and the network of multifamily and single-family rental units.
“We are excited to welcome RET Ventures to TurboTenant’s strong team of investors,” said Sarnen Steinbarth, TurboTenant founder and CEO. "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."
RET Ventures has previously invested in SmartRent, a smart home automation platform for property managers, renters and multifamily companies.
Smart home automation was created to benefit landlords and renters, from digitizing locks to monitoring water leaks, carbon monoxide levels or fire.
“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.”
RET Ventures launched in late 2018 and is backed by other big players in the multifamily housing industry.
In November 2018, the five major multifamily housing trusts – Aimco, Boardwalk, Essex Property Trust, MAA, and UDR – partnered with Starwood Capital Group, Cortland, and GID to invest $108 million in a venture organized by RET Ventures.