RentSpree Raises $8 Million in Series A Funding to Enhance Collaboration Between Renters, Agents, and Owners
July 21, 2021 at 18:13 PM EDT
Funding validates recent progress and significant market opportunity, enabling RentSpree to create the first platform allowing multiple parties to cooperate on a rental transaction.
"Today's announcement is a huge milestone for RentSpree– one that validates our vision to create efficient, value-add solutions for all parties involved," says Michael Lucarelli, co-founder and CEO of RentSpree. "We are most excited to further streamline the rental process while helping individuals achieve long-term goals that extend through the rental journey and beyond."
Founded in 2016, RentSpree has experienced impressive growth. After previously raising $2.3M in venture funding, RentSpree now services over 600,000 users and has nearly quadrupled monthly renters since closing its Seed funding round.
More than just a tenant screening company, RentSpree covers every step of the rental process. The platform is also the first of its kind to support the collaboration of multiple parties because renters typically interact with a combination of real estate agents, landlords, and property managers to secure a single rental. RentSpree facilitates these interactions by providing universal rental applications, report sharing, a rental forms library, digital signatures, renters insurance, and much more.
With this investment, RentSpree will add valuable new features like payments, agent branding, and contact management to further reduce rental friction. Special emphasis will be placed on building predictive analytics to ensure that individuals are guided seamlessly to the right features at the right time.
"The real estate industry has seen significant growth in rental activity over the past decade, and RentSpree is on the forefront of providing software that deploys quickly and streamlines crucial operations that haven't seen innovation in a very long time," says Nnamdi Okike, Co-Founder and General Partner of 645 Ventures. "With the growth RentSpree has experienced in its user and customer base, as well as in their product offerings, we're excited to see them become the leader in providing world-class renter management software."
RentSpree employs an integration-first approach and has already deployed its standardized rental process with a who's-who list of real estate players, including the California Association of REALTORS®, Bright MLS, California Regional MLS, Florida Realtors®, and many more.
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.
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.
Green Visor Capital:
Green Visor Capital invests in passionate founders who are solving substantive problems in financial services through the innovative use of technology. Based in San Francisco, we are one of the premier early stage investors in FinTech.
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