Investing in a rental property can seem daunting. It’s easy for new owners to get overwhelmed by a long list of things to do in the name of upkeep. Austin-based startup Darwin Homes is on a mission to make things easier for prospective owners and renters with its property management software. The company pairs up its platform with local property managers to provide its users with help through every step of the leasing and management process.
After securing a $4 million seed round in 2019, the company has received another fresh injection of capital to further its growth. Darwin Homes announced Tuesday that it raised $15 million in a Series A led by Canvas Ventures.
The company employs Origin as its management automation software. The software enables Darwin to act as a central hub for all things related to accounting, inspection, maintenance, repairs and more. When on-site issues arise, Darwin’s property managers are notified and dispatched immediately, according to the company.
With its platform, Darwin Homes aims to make it possible for its users to own and manage property anywhere in the United States. Last year, the startup tripled the amount of homes under its management.
“Single-family rentals are among the most attractive yet untapped asset classes in the U.S. today,” Ryan Broderick, co-founder and CEO of Darwin Homes, said in a statement. “But, until now, managing these rental properties could be excruciating — owners [are] struggling to find reliable and professional local property managers in a highly fragmented industry.”
Both Broderick and his co-founder Zachary Kinloch got their start as early executives at DoorDash. It was there that the two first became familiar with the process of marrying proprietary software with local operations.
“We’re applying our proven success building local logistics infrastructure to create a one-stop shop where anyone can buy and manage these properties with confidence and ease,” Broderick continued.
Darwin Homes plans to use the fresh financing to explore new markets. The company has its eyes set on Florida, Ohio, Tennessee, Colorado and North Carolina.
As the company continues to scale, Darwin will remain on the lookout for dozens of new property managers to join its remote team in cities across the country.
“As in so many markets, technology is breaking down age-old barriers to access — and unlocking widespread opportunities for people to create financial freedom and flexibility that didn’t exist before,” Broderick and Kinloch wrote in a blog post. “We’re creating a world where everyone can have a piece of real estate in their portfolio.”
Darwin Homes has raised $19 million in financing to date. Additional investors Camber Creek, Khosla Ventures and Wave Capital participated in the round, among others.