VC-Backed Property Management Companies
[updated January 2023]
The residential property management space is awash in venture capital, with at least $260 million raised by twelve US companies in the last six years.
This list is intended to be a collection of true property management companies — that is, firms which are actively engaged in the day-to-day of property management such as leasing, rent collection, and maintenance. There are thousands of other prop-tech companies that provide ancillary services to property owners, tenants and property management companies; they are beyond the scope of this article.
The land grab is underway, but how valuable is that land exactly when the “land” (clients) are churning out somewhere between 15 and 50% annually? I don’t know, but let’s see what the venture capitalists think:
The List (in descending order of amount raised)
Mynd (founded 2016, Oakland). Raised 175M. “Mynd Property Management is a customer-first, tech-enabled property management firm.” CEO Doug Brien.
Belong (founded 2018, San Mateo). Raised 138M. “Belong is a residential network that vertically integrates all aspects of the home rental and home improvement process.” CEO Ale Resnik.
Poplar Homes (Previously Onerent) (founded 2014, San Jose). Raised 75M. “Manage and monetize rental property in the cloud.” CEO Greg Toschi.
Pure (founded 2020). Raised 50M. “We’re not here to disrupt or re-imagine anything, just solve the real problems that our property managers, residents and owners face every day.” Co-Founders Mike Catalano and Joe Polverari.
Home365 (founded 2015, Palo Alto). Raised 50M. “Home365 makes owning and renting out real estate easy, predictable, and more profitable than ever before.” CEO Daniel Shaked.
Darwin Homes [Aquired by Pagaya in 2023] (founded 2018, Austin). Raised ~45M. “Darwin is a vertically-integrated investment management platform with a comprehensive solution for the acquisition, renovation, and management of single-family rental properties.” CEO Ryan Broderick.
Doorstead (founded 2019, San Francisco). Raised 38M. “Technology-operations brokerage that provides full-service property management and cash-flow certainty to residential property owners.” CEO Ryan Waliany
Great Jones [Acquired by Roofstock in 2021] (founded 2019, New York). Raised 33M. “Great Jones is building the modern operating platform for the residential rental asset class.” CEO Jay Goldklang.
Nomad (founded 2020, Denver). Raised 24M. “Nomad makes renting better for property owners and residents.” CEO PJ O’Neil.
Knox Financial [Acquired by Doorstead in 2022] (founded 2018, Boston). Raised 14M. “Knox is the smart and frictionless way to turn the user’s home into an investment property delivering passive income… Knox Financial helps people manage and identify residential rentals with its algorithm-based platform.” CEO David Friedman.
Castle (founded 2015 in Detroit, defunct as of 2018). Raised 13M. “Castle manages rental homes for landlords using automation and on-demand labor.” CEO Max Nussenbaum.
Hemlane (founded 2015, San Francisco). Raised 12M. “Technology enabled property management.” CEO Dana Dunford.
NestEgg [Aquired by Truehold in 2022] (founded 2017, Chicago). Raised 12M. “NestEgg is a real estate company that helps independent real estate investors create wealth by streamlining the property management process.” CEO Eachan Fletcher.
Simplifyy (founded 2019, Kansas City, defunct as of 2022). Raised 10M. “SaaS, Multifamily Technology, Proptech, RentTech.” CEO Jake Lisby.
Appreciate (founded 2022, Columbia MO). Raised 1M. “Tech-enabled Property Management”. CEO Nick Farquhar.
This list includes only those property management companies that have raised venture capital. Not included are firms that may have raised other types of funding such as private equity.
Worth mentioning is this great round-up of 10 VC-backed companies targeting the short-term & vacation rental property management industry.
Trying to learn more about the property management industry? I’ve written a large article intended to provide an overview of the space for folks trying to buy or start a property management company.
Did I make a mistake? Missing a company, or included one that shouldn’t be here? Let me know.
I’m Peter Lohmann, CEO and founder of RL Property Management, a residential property management company located in Columbus Ohio. If you enjoyed this article, you can connect with me on Twitter, subscribe to my podcast Owner Occupied, or sign up for my mailing list.