Tampa Bay Business Journal: Tampa proptech company closes $36.5 million funding round
Funnel Leasing announced Tuesday it closed its Series B round.
A Lutz-based company with a focus on streamlining the rental and leasing industries has received $36.5 million in its latest funding round.
Funnel Leasing announced Tuesday it closed its Series B round, led by Utah-based RET Ventures. RET Ventures has previously invested in Funnel.
“RET’s Limited Partners are some of the largest and most innovative operators in multifamily real estate,” Tyler Christiansen, CEO of Funnel Leasing, said in a statement. “They have seen Funnel’s ability to transform the entire leasing process through their initial investment years ago and they have been an invaluable partner to us ever since. This financing gives us the ability to allow other forward-thinking companies to move leasing from property level to the portfolio level.”
“This financing gives us the ability to allow other forward-thinking companies to move leasing from property level to the portfolio level.” – Tyler Christiansen, CEO of Funnel Leasing
Other participants include industry heavyweights Camden Property Trust and Morgan Properties. Wilshire Lane Capital, Trinity Ventures, Camber Creek, RET Ventures Limited Partners MAA, Essex and Cortland also participated.
“We see this as a foundational platform for many other vendors and a sticky position for multifamily,” John Helm, partner at RET Ventures, said in a statement. “Funnel has been a crucial, flagship investment for RET since 2019, adding value to our strategic partners and portfolio companies alike.”
The company offers leasing and communication tools to apartment management companies and property owners. The funding will go toward expanding Funnel’s reach to its customer base and adding renter onboarding and resident portal functions.
“Our conversations with strategic investors have increasingly shown the need for a more streamlined leasing process that puts the prospective resident in control of the process … so that an apartment can be leased at any hour of the day at the prospective renter’s convenience,” Helm said. “The pandemic, resulting social distancing requirements and limited staffing accelerated this trend.”
The company was founded in 2010 but found its footing in 2018 and is now working with 17 of the top 50 apartment owners and managers in the country, according to the National Multifamily Housing Council. It has roughly 80 employees and has raised more than $31 million, according to U.S. Securities and Exchange Commission filings. It most recently raised $8 million in November 2020.
The proptech, or property technology sector, has been growing locally in recent years. iApartments and Ideal Agent have both raised more than eight-figure rounds, while other companies like Virtual Tours are disrupting the industry with new technology including 3D capabilities.
To learn more about Renter Management Software and what this means for renters and property management companies, book a demo here.
Funnel’s renter-centric solutions revolutionize the antiquated process of finding a home into an enjoyable experience. We believe all renters deserve a seamless, simple and personalized journey. We provide leasing and communication tools that are intuitive and obliterate repetitive tasks — driving more efficient leasing. Join us as we help leading property management teams create tomorrow’s rental experience at funnelleasing.com.
Alex Howe, Vice President of Marketing