TurnKey Vacation Rentals raises $48M, courts millionth guest to the platform

TurnKey Vacation Rentals, an Austin, Texas-based management company focused on luxury and premium properties, has secured $48 million in new funding.

The investment was led by current investor Altos Ventures, with participation from existing investors Adams Street Partners, Greenspring Associates and Harmony Partners.

Since its founding in 2013, TurnKey has raised $120 million.

TurnKey provides its proprietary technology to its properties, including digital smart locks, a housekeeping scheduling and management system, noise decibel monitors and its “HomeDroid” tablet that provides information about the home and surrounding area for guests.

"This investment in TurnKey highlights our deepening conviction that technology is the key to driving quality and efficiency in vacation rental management," says Anthony Lee, managing director at Altos Ventures.

This year TurnKey says it will hit several milestones, including hosting its one millionth guest, surpassing 5,000 homes on the platform and more than $400 million in gross checkout value.

“This is our largest funding round ever and the third time our current investors have led the effort,” says TurnKey co-founder, chairman and CEO John Banczak.

“TurnKey will hit the million-guest milestone this year, delivering industry-leading hospitality on the most sophisticated technology platform in the business. We’re grateful for our investors’ continued confidence as we deliver the smarter way to vacation rental.”

Along with the funding, TurnKey is announcing executive moves: Banczak is becoming CEO, a position previously held by co-founder T.J. Clark, who will become president and chief development officer. Jen Ford will become chief commercial officer.

In April, TurnKey became one of the management companies working with Marriott for the launch of its new Homes & Villas by Marriott International vacation rental division. As an approved partner, select TurnKey properties can be booked through Marriott.

With this funding the company is looking to expand its partnerships and to develop its technology products for sale to small property managers and individual owners.

“We’re now positioned to help the growing market of individual vacation rental owners – or for-rent-by-owners – and smaller property managers elevate their hospitality standards by providing them with our core TurnKey technology services,” Clark says.

TurnKey's last funding round came in March 2018 for $31 million. 

“We’ve also seen how our recent partnerships like Homes & Villas by Marriott International further established TurnKey as the preferred hospitality and management brand for luxury and premium vacation homes in the U.S. I’m excited to spearhead these major growth initiatives.”