Home Rental industry Funnel Leasing Wins $36.5M Series B Funding Round for Tenant-Focused Technology

Funnel Leasing Wins $36.5M Series B Funding Round for Tenant-Focused Technology


A tech company in the rental management industry has announced it has raised $36.5 million in a Series B funding round.

Funnel Leasing offers a customer relationship management (CRM) solution for property managers and sees itself as a “tenant-centric” leasing platform.

The funding will increase its expansion into the large enterprise and midsize customer markets and was led by RET Ventures, a venture capital firm specifically targeting rental technology, technology innovators serving the multifamily rental industries. and single family.

The funding will further support software development to improve the “end-to-end tenant journey” by deploying tenant and resident onboarding portals.

Institutional multi-family operators Camden Property Trust and Morgan Properties joined RET in the funding round. Wilshire Lane Capital, Trinity Ventures and Camber Creek also contributed.

Funnel’s software offers users a suite of features for tenant outreach and communication across multiple stages of the rental lifecycle, providing leasing agents with sophisticated marketing automation tools typically found in the proptech residential sales category.

Feature decisions in Funnel are often aimed at reducing duplication of work for agents and management, a common industry burden because many apartments, tenants, and rental needs are the same.

The software is collaborative and centers its offerings on tenants rather than individual properties. This approach aims to better connect rental teams to people rather than buildings.

In a statement, Funnel Leasing said its technology empowers real estate teams to “improve and streamline their portfolio operations by centralizing operations, optimizing marketing budgets and operational costs by intelligently staffing staff.”

Amplify, a virtual rental agent; Engage, a tenant first RCMP; Convert, a web-based rental workflow; and Signal, a real estate marketing syndication module, make up Funnel’s main product list.

A unique component of Convert is its fintech integration which offers instant income and asset verification, eliminating the need for rental teams to individually manage and authenticate pay stubs and tax returns, such as W2s and W9s .

Funnel was founded in 2010 as apartment marketing software, expanding in recent years to expand its reach into tenant outreach and relationship management. It is now used by 17 of the National Multifamily Housing Council’s (NMHC) Top 50, the company said.

“We are honored to now be the full portfolio CRM for five of the top 20 apartment owners in America,” Tyler Christiansen, CEO of Funnel, said in a statement. “This funding gives us the opportunity to enable other forward-thinking companies to take leasing from the ownership level to the portfolio level.”

Like other companies in the rental industry, Tampa, Florida-based Funnel has seen significant growth in the category, doubling its workforce from 40 to 80 and recording 115% year-on-year growth. other.

Rent continues to climb nationally as housing becomes out of reach for more Americans.

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