Today, Turnkey Vacation Rentals announced the closing of a $21 million Series C round of funding, which will be used to enter new markets and further develop its platform.
Adams Street Partners led the round with participation from previous investors Atlos Ventures, Silverton Partners and travel industry angels.
Since Turnkey’s launch in 2013, it’s earned itself the ranking of the third largest vacation rental management company in the United States. Its full-service solutions help property owners market and manage their homes across 40 markets, with tools that make it easy to coordinate things like housekeeping, maintenance and inspections — all while providing a rental experience for guests that often costs less than competitors.
“We charge about half the average industry rate, so guests get a better deal, and homeowners make more of the money,” said co-founder and CEO T.J. Clark in a statement.
Throughout the next year, Turnkey plans to double the number of rentals available while improving its tech platform to include virtual tours, 3D models and the ability for guests to communicate via phone, email, SMS or chat. The startup also looks to roll out an updated version of its HomeDroid, a tablet that lives within each property that features local information like nearby convenience stores, gas stations and restaurants as well as specific instructions for the home.
“We believe the future growth of private accommodations will rely heavily on delivering guests a consistent, branded experience across destinations and TurnKey will be the company that delivers it,” Clark said. “We’ve focused on building a technology and logistics platform combined with local hospitality that enables us to deliver the consistency you’d expect from a hotel along with the unique flavor that makes private accommodations so appealing to guests.”
Turnkey Vacation Rentals has now raised a total of $41 million and has reported 100 percent year-over-year growth since launch.
Image provided by Turnkey Vacation Rentals.