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Real Estate Business Review | Monday, February 07, 2022
RentSpree will use the new money to empower renters, agencies, and landlords with rent payments.
FREMONT, CA: "From RentSpree's start, we wanted to create an easier and more effective process to qualify renters. In time, we realized that we were only scratching the surface of unmet needs within the market, such as streamlining marketing, facilitating payments, and helping consumers build wealth. With the introduction of new tools and plans for strategic partnerships in today's hot rental market, it is our goal over the next 24 months to have 30%+ of all active U.S. agents leveraging RentSpree, and together, we will assist millions of rental clients annually." says Michael Lucarelli, CEO of RentSpree.
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RentSpree, one of the industry's leading end-to-end rental management software providers, has closed $17.3 million in Series B investment. It takes the total cash raised by the company to approximately $28 million. These investments will assist the company in expanding its product offerings for both renters and agents and secure further strategic alliances, extending its aim to assist the real estate market in accommodating the growing number of renters in the United States.
This most recent funding round is led by Green Visor Capital. Existing investors 645 Ventures and Vesta Ventures are also participating alongside new investors Rally Ventures, the California Association of REALTORS® (C.A.R. ), Venture MLS, ECG-Research, KEC Ventures, and Gaingels.
With mortgage rates rising, the demand for rentals has skyrocketed.RentSpree has witnessed a 30% increase in monthly rent collected via this function. RentSpree will process $160 million in rental payments in the next year. By providing decision-enablement resources, RentSpree will help renters better understand their finances. These tools assist renters in managing financial problems, succeeding in the renting market, and attaining long-term goals. The company equips agents and brokers with the resources to diversify their client portfolio and income and help rental clients become homeowners.
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