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.
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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.”