- Modern property management solution Hemlane announced it has raised $2.5 million in a series seed round of funding led by Prudence Holdings
Hemlane — a modern property management solution founded by Dana Dunford and Frank Liu that combines technology with local agents — announced that it has completed a $2.5 million Series Seed round of funding led by Prudence Holdings. Aglaé Ventures, Stanford-StartX Fund, and several technology entrepreneurs including Thumbtack Founder Marco Zappacosta and Vouch Insurance Founder Sam Hodges also joined the funding round.
“Over 72 percent of rentals are not run by management companies. The majority of the market doesn’t want that,” said Dunford. “Our platform provides an opportunity for rental owners to select their level of involvement and connect with third party agents and brokers for everything else. We offer something that has never existed in the market. The combination of lower cost, transparency and flexibility is exactly what property owners continue to tell me they want, and we listen closely to our customers,” added Dunford.
Hemlane has two packages: one is a software only package and the other is a software/service package.
Hemlane’s software automates all administrative tasks, including advertising rentals to the top 30 listing websites, scheduling property showings, performing tenant screening, completing leases, collecting rent, initiating automatic late fees, and coordinating maintenance requests. And the service package connects owners with local agents and 24/7 maintenance coordinators.
In order to help build the services network, leasing agents and managers using Hemlane’s software connect with newly registered rental owners on the platform.
“We are thrilled about our Seed investment into Hemlane. Residential property management is an enormous sector that has yet to be improved by technology,” added Gavin Myers, Co-Founder and General Partner at Prudence Holdings. “Not only was I impressed with Dana and Frank’s solution but I have personally dealt with the traditional property management industry and understand well the high cost and low transparency that persists.”
Hemlane currently has rental properties in all 50 states and currently serves property owners and managers that have as few as one property to hundreds of properties. And Hemlane is the exclusive property management partner to the California Association of Realtors (CAR) and partner to Roofstock.
