An Austin, Texas-based property management company that
differentiates itself by using smart-home technology and local customer service
teams has raised $31 million in Series D funding to expand.
The funding of TurnKey Vacation Rentals was led by current
investor Adams Street Partners with participation from existing investor Altos
Ventures and two new institutional investors.
Since the company launched in 2013 it has raised a total of
$72 million in capital.
TurnKey currently manages more than 3,500 vacation homes.
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It provides technology for its properties, such as smart
locks, noise monitors, Ring video doorbells and its HomeDroid tablets, which are
used to coordinate housekeeping and to provide information about the property
and surrounding area for renters.
TurnKey says these technologies create efficiencies that
enable it to keep commission rates to about 18 to 25%.
"TurnKey is exceptional in that their rapid growth has
been organic, as opposed to growing through acquisitions," says Jeff
Diehl, managing partner and head of investments at Adams Street Partners.
"This is a seasoned online travel management team that
knows how to scale and execute with precision in the $100 billion vacation
rental industry. Our additional investment demonstrates our belief in the promise
of the TurnKey brand, its leadership and its model."
TurnKey will use the funding to bring more properties into
its management system, grow brand awareness and create new technology to
support its customers.
"The vacation rental industry is still in its infancy
but growing rapidly – by 2020, it will represent approximately 20% of
total worldwide accommodation bookings," says Jen Ford, chief financial officer
at TurnKey.
"In the US alone, there are well over a million
vacation rental homes. This capital investment will enable us to bring our
proprietary technology and best-in-class management to more of those
homes."