Funnel Leasing – the first Renter Management Software platform – recently announced the completion of a $32 million Series B-2 financing round to unlock the new operating model for multifamily leaders. This financing round was led by RET Ventures, the leading VC investor in “rent tech” – whose 50+ strategic investors comprise the largest group of apartment owners and operators working together to drive innovation in multifamily, representing over 2.5 million rental units.
RET was joined by Trinity Ventures and a group of leading multifamily owner-operator co-investors. And property managers and owners plagued by rising costs and increasing labor challenges now have access to a flexible, cost-saving operating model that offers complete enterprise-wide visibility and an ideal renter journey. The new model, built on modern, renter-centric technology, AI, and automation, delights renters and teams while managing expenses and saving owners and operators tangible costs and time.
The funding expands Funnel’s sales and marketing teams significantly, including the recent addition of multifamily veteran and former Entrata and Homie co-founder Johnny Hanna. And the round recognizes the completion of Funnel’s front office suite including CRM, virtual leasing agent, online leasing, onboarding, and a resident portal. Funnel’s platform, the industry’s first Renter Management Software (RMS), is architected fundamentally differently from other multifamily solutions as the renter (not the property) is the source of truth, creating clear visibility and insights across the entire renter journey and unlocking shared services and role specialization for teams.
A renter-centric architecture and connected front office suite enable operators to abandon the antiquated 1:100 leasing operating model, relieve teams, reduce costs, create better margins, and offer a better renter experience. This win-win-win for teams, renters, and the company is the rarest trifecta of success. Funnel powers the new centralized operating model embraced by eight companies who rank as top 20 owners or operators, among many other customers.
This RMS platform offers property management companies of all sizes — from large REITs to privately owned and third-party managed companies — along with the flexibility they need to reorganize their operating model and prioritize teams’ task lists so that high-value items are completed first. So teams are free to focus on their most valuable follow-up and trust AI and automation to handle rote tasks. And this aligns organizations at every level to delight renters, create rewarding jobs for teams, and operate with greater efficiency while creating a consistent branded experience for renters.
KEY QUOTES:
“Funnel is uniquely positioned to combat many of today’s worsening problems: increasing fixed expenses, lower renewals, talent shortages, and skyrocketing consumer expectations. This new financing ensures our current clients and future partners can rely on the industry’s only independent CRM with a steadfast commitment to innovation, and we’re thrilled to partner with RET, the biggest single vote of confidence in the multifamily space. In a sea of acquisitions and frustrating technology shortcomings, the status quo operating model continues to disappoint renters, burn out teams, and limit owners and managers. The future of multifamily leverages enterprise-grade technology, automations and shared services to provide renters and residents the best experience at every step of their journey — from inquiry to move-in to renewals — all while making teams’ roles more engaging.”
— Tyler Christiansen, CEO, Funnel
“We traditionally invest in themes, backing technologies that can solve the most acute challenges for real estate operators, and Funnel is our flagship platform in self-leasing and one of our firm’s largest investments to date. With their completed platform, owners and operators no longer need to use antiquated software to manage their renter journeys, and can now graduate to a modern platform architected around how owners, teams, and renters behave today. Our conversations with our strategic investors point to the need for a streamlined, centralized operating model that leverages automation to reduce costs for multifamily operators while improving the customer experience. Only Funnel’s renter-centric architecture empowers operators to make these needed changes. As rent increases slow and operators look to improve efficiencies, we expect their industry adoption to continue to accelerate.”
— John Helm, Founder and Partner at RET Ventures
