Total amount raised
$27.7 Millions
Latest funding date
Location
RentSpree has successfully raised multiple funding rounds, with the latest being a Series B round that closed on August 29, 2022. The platform offers a range of services including tenant screening, rent payment, and rental applications, designed to simplify the rental process for agents, landlords, and renters.
With backing from 12 investors, including Venture MLS and the California Association of Realtors, RentSpree continues to expand its offerings and partnerships. Keep reading to explore the intricacies of RentSpree's fundraising journey and the investors backing this innovative platform.
What Is RentSpree?
RentSpree, founded in March 2016, is a PropTech company based in Los Angeles, California. The company was established by Angela Stuart, Michael Lucarelli, and Paul Sirisuphang.
Operating in the real estate and rental property industry, RentSpree offers software solutions for tenant screening, rent payment, and rental applications. The platform is trusted by over 3 million users and employs between 101-250 people.
How Much Funding Has RentSpree Raised?
- Pre-Seed Round
- Amount Raised: $120K
- Date: March 2016
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To establish the company and develop initial product offerings.
- Seed Round
- Amount Raised: $2.3M
- Date: February 2020
- Lead Investors: 645 Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the team and enhance the platform's capabilities.
- Series A
- Amount Raised: $8M
- Date: July 2021
- Lead Investors: 645 Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and form strategic partnerships.
- Series B
- Amount Raised: $17.3M
- Date: August 2022
- Lead Investors: Green Visor Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand product offerings, secure strategic partnerships, and help the real estate industry embrace a growing nation of renters.
Total Amount Raised: $27.72M. Current Valuation: Not publicly disclosed.
Key Investors
- Green Visor Capital
- Details: Green Visor Capital is a fintech venture capital firm that invests in innovative technology to solve issues in financial services in a socially responsible manner. General partners include Joe Saunders, former chairman and CEO of Visa, Inc.
- Investment Focus Areas: Financial services, fintech, innovative technology
- Notable Investments: Not publicly disclosed
- California Association of REALTORS® (C.A.R.)
- Details: C.A.R. is one of the largest state trade organizations in the U.S., with over 217,000 members dedicated to advancing professionalism in real estate. They have been collaborating with RentSpree for over five years.
- Investment Focus Areas: Real estate, rental needs, professional development
- Notable Investments: Not publicly disclosed
- 645 Ventures
- Details: 645 Ventures is a venture capital firm that invests in early-stage technology companies. They have been an existing investor in RentSpree since the Seed Round.
- Investment Focus Areas: Early-stage technology, software, innovation
- Notable Investments: Not publicly disclosed
- Rally Ventures
- Details: Rally Ventures is a venture capital firm that focuses on early-stage technology companies. They participated in RentSpree's Series B funding round.
- Investment Focus Areas: Early-stage technology, software, innovation
- Notable Investments: Not publicly disclosed
- Venture MLS
- Details: Venture MLS is a venture capital firm that focuses on real estate technology. They participated in RentSpree's Series B funding round.
- Investment Focus Areas: Real estate technology, proptech, innovation
- Notable Investments: Not publicly disclosed
What's Next for RentSpree?
RentSpree is poised to capitalize on significant opportunities in the rental market. With plans to expand its product offerings and secure additional strategic partnerships, the company aims to empower renters, agents, and landlords with innovative tools. The platform's goal to process over $160 million in rental payments and have 30% of all active U.S. agents using RentSpree within the next 24 months highlights the vast potential for growth.
Future fundraising opportunities seem likely as RentSpree continues to scale. The company's ambitious goals and the booming rental market suggest that additional funding rounds could support further expansion and product development. Strategic acquisitions may also be on the horizon to enhance their service offerings and market reach.
However, RentSpree will face challenges such as adapting to the rapidly changing rental market, ensuring platform scalability, and competing with other rental management software providers. Navigating these obstacles will be crucial for maintaining growth momentum and achieving long-term success.
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