Funding validates recent progress and significant market opportunity, enabling RentSpree to create the first platform designed to meet the growing demand to connect renters and agents with landlord and property owners.
Los Angeles, CA- RentSpree, the fastest growing rental software for agents and owners, announced today that it closed $8 million in Series A funding led by 645 Ventures. New investors Green Visor Capital, Vesta Ventures, and Lowy Family Group also participated in the funding round.
“Today's announcement is a huge milestone for RentSpree– one that validates our vision to create efficient, value-add solutions for all parties involved in the rental journey,” says Michael Lucarelli, co-founder and CEO of RentSpree. “In addition, we are constantly evaluating the needs of our users so that we can continue to evolve our platform to make the rental process much easier in the long term.”
More than just a tenant screening company, RentSpree provides a variety of features that offer solutions for real estate agents and owners, as well as property managers. RentSpree’s comprehensive product offerings include the ability to execute electronic signatures on rental documents, share screening reports with other agents or landlords, receive rent estimate reports, allow tenants to purchase renters insurance or upload existing policies, and much more. RentSpree is continuing to build valuable features that will elevate their renter management platform to facilitate online rent payment, a more simplified screening process, and stronger integrations with the nation’s leading real estate associations and multiple listing services (MLS).
"The real estate industry has seen a massive spike in rental activity over the last year, and RentSpree has been on the forefront of providing the technology that streamlines operations from online applications and tenant screening to providing rent estimations and secure document uploads," says Nnamdi Okike, Co-Founder and General Partner of 645 Ventures. "With the growth RentSpree has seen in its user base as well as in their product offerings, we’re excited to see their impact on the industry as a whole as they continue to build world class renter management software."
Founded in 2016, RentSpree has experienced impressive growth. Having previously raised $2.3M in venture funding, RentSpree has generated revenue from customer demand to fuel that growth. Today, RentSpree has partnered with some of the most trusted names in real estate, including many of the largest real estate platforms and associations in the U.S. such as the California Regional Multiple Listing Service (CRMLS), the California Association of REALTORS®, BridgeMLS, Florida Realtors, BeachesMLS, MLSListings, and more. Since its launch, RentSpree has assisted 100,000 agents complete 500,000 rental transactions.
RentSpree will use the investment to enhance its API-first integration capabilities to provide the definitive platform for renters, owners, and agents to complete all pieces of their rental journeys that in turn will create long-term relationships between renters and agents.
For more information about RentSpree, visit www.rentspree.com/press
Founded in 2016, RentSpree is an award-winning rental software known in all 50 states for its easy-to-use tenant screening process, renter management, partnership program, and rental screening API. In just five years, RentSpree has grown its database by partnering with some of the most trusted names in real estate and serves over half a million agents, owners, and renters across the country.
About 645 Ventures
645 Ventures partners with exceptional founders at Seed/Series A to build iconic companies that scale to the growth stage. We have over 35 active companies in our portfolio in the areas of enterprise SaaS, infrastructure software, and consumer technology. Several of our portfolio companies have been acquired by Google, Facebook, Expedia, and private equity firms.
About Vesta Ventures
Vesta Ventures is a venture capital fund investing in the proptech sector with a focus on platforms at the intersection of residential real estate and technology.
About Green Visor Capital
Launched in 2013, Green Visor Capital looks to back passionate entrepreneurs in the US and abroad that challenge the status quo — to better promote inclusion, transparency, efficiency and social responsibility through the innovative use of technology.
About Lowy Family Group
Lowy Family Group is a single-family office based in New York, New York. Established in 2000, the firm is the family office and private investment group of the Lowy family.