Funding validates recent progress and significant market opportunity, enabling RentSpree to create the first platform allowing multiple parties to cooperate on a rental transaction.
RentSpree, the fastest growing rental transaction software company, announced today that it closed $8 million in Series A funding led by 645 Ventures. New investors Green Visor Capital and Vesta Ventures also participated in the funding round.
“This is a big milestone for RentSpree – one that validates our vision to create a seamless experience between renters and property representatives,” says Ekabutr Sirisuphang, co-founder and COO of RentSpree. “We are most excited to expand the teams in Bangkok and Los Angeles so we can launch new features to build connections through real estate.”
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(R), Bright MLS, California Regional MLS, Florida Realtors(R), and many more.
For more information about RentSpree, visit www.rentspree.com/press
Source: FAQ Co., Ltd.
