Law360 — Proptech Firm Funnel Leasing Lands $32M In Financing
Funnel Leasing, a property technology company focused on multifamily real estate, completed a $32 million financing round that will help it expand its sales and marketing teams that work on its renter management software product, the company said Monday.
Venture capital company RET Ventures led the series B-2 financing, Funnel said. Trinity Ventures and other co-investors were also part of the round.
Funnel’s renter management software is a customer relationship management platform that the company says helps streamline and solve issues that plague apartment managers by relying on artificial intelligence and automation.
Tyler Christiansen, CEO of Funnel, said in the announcement that “the status quo operating model continues to disappoint renters, burn out teams, and limit owners and managers,” but renter management software is different.
“The future of multifamily leverages enterprise-grade technology, automations and shared services to provide renters and residents the best experience at every step of their journey — from inquiry to move-in to renewals — all while making teams’ roles more engaging,” Christensen said in the announcement.
“The future of multifamily leverages enterprise-grade technology, automations and shared services to provide renters and residents the best experience at every step of their journey — from inquiry to move-in to renewals — all while making teams’ roles more engaging.
— Tyler Christiansen, CEO, Funnel
The latest round follows $36 million in funding the company completed in early 2022, which also went toward the renter management software, and a later stage of $16 million in funding in October 2022, according to Funnel’s website. The company also had a $14 million fundraise announced in November 2020, which also included RET Ventures and Trinity Ventures.
Funnel, formerly called Nestio, began in 2010 and is based in Odessa, Florida.
A representative told Law360 that Funnel is a private company and does not disclose its total valuation.
Information about legal counsel involved in the deal was not immediately available Monday.