Los Angeles-based startup RentSpree raises $17.3m Series B funding to propel growth in the rental market

RentSpree, the industry's premier end-to-end rental management software provider, announced it has closed $17.3 million in Series B financing. This brings the company's total amount raised to nearly $28 million. These investments will help the company expand product offerings for both renters and agents and secure additional strategic partnerships, furthering its mission to help the real estate industry embrace a growing nation of renters.

This latest round of funding is led by Green Visor Capital. The fintech venture capital firm is joined by new investors Rally Ventures, the California Association of REALTORS (C.A.R.), Venture MLS, ECG-Research, KEC Ventures, and Gaingels, with participation from existing investors 645 Ventures and Vesta Ventures.  

Michael Walsh, General Partner, Green Visor Capital: "We recognized a marked shift toward renting that has been years in the making. That transformation has only accelerated over the last 24 months. RentSpree is well-poised to continue leading the industry through these changing dynamics due to its partnerships, product innovation, and momentum."

With rising mortgage rates making it more expensive to buy a home, the demand for rentals has been skyrocketing. With this in mind, RentSpree will use the new funding to further empower renters, agents, and landlords with new tools, such as rent payment. Case in point, RentSpree has seen an average monthly increase of rent collected via this latest feature by more than 30% year to date. Given this trajectory, RentSpree is on track to process more than $160 million in rental payments over the next 12 months.

By providing decision-enablement resources, RentSpree will assist renters in better understanding their finances on their real estate journey. These tools are designed to help solve financial pain points, set renters up for success in the rental market, and allow them to reach their long-term goals. In concert, the company is equipping agents and brokers with the tools necessary to seamlessly diversify their client portfolio and income, as well as support their rental clients' transition to homeownership in due time.

Michael Lucarelli, CEO, RentSpree: "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."

The round of Series B funding comes on the heels of RentSpree ranking in the top 13% of Inc. 5000's fastest-growing companies of 2022. In addition, RentSpree recently reached one million users across the country as a result of partnerships with more than 250 of the nation's top multiple listing services (MLSs), associations, brokerages, and proptech platforms. This growth trajectory is on track to heighten with this latest investment.

Otto Catrina, Pesident, C.A.R.: "While our members predominantly service clients seeking to buy and sell real estate, we recognize that many people are renting much longer today compared with any other point in history. We have been collaborating with RentSpree already for more than five years to ensure our members have access to technology to address rental needs, and we are excited to take this significant step in helping RentSpree transform the real estate ecosystem."

www.rentspree.com