TurnKey, a US-based vacation rental management startup, has raised $3 million in seed fund led by Silverton Partners.
The round also includes a sizeable number of other investors, including a string of Expedia Inc alums or current employees:
- Rich Barton (co-founder Expedia, co-founder Zillow, Benchmark)
- Alexis De Belloy (HomeAway, Accel EIR)
- Joey Levin (CEO, InterActiveCorp Search)
- Karl Peterson (co-founder Hotwire, TPG)
- Spencer Rascoff (co-founder Hotwire, CEO Zillow)
- Greg Slyngstad (co-founder Expedia, founder VacationSpot, Kayak board member)
- Gregg Brockway (co-founder Hotwire, TripIt, Chairish)
- Rob Greyber (president Egencia)
- Eric Goldreyer (founder of BedandBreakfast.com)
- Russ Sach (Expedia)
The new fund will be used to expand TurnKey's service to ten new markets in ski, beach and metro locations. Currently, the company manages almost 200 rentals in three markets - Austin, Port Aransas, and Santa Barbara.
In August 2013, the company raised $1.5 million in seed fund.
Following the latest investment, Bill Wood, the founder of Silverton Partners, will be joining TurnKey's board.
TurnKey is a "full-service vacation rental manager" that helps rental owners in marketing the property via various distribution channels like VRBO and Airbnb, engaging guests, maintaining the property, and providing reports to owners. The company leverages technology to enable these services.
The company charges a commission in the range of 10-14% for its service, it claims traditional property managers charge between 20-50% commissions.
Co-founder and CEO,T J Clark, says:
"We have the analytics and technology platforms to help our owners get more rental nights and often generate 30-50% more revenue than they were before - while we provide the key services and amenities that guests would expect from a luxury hotel."