- IFM Restoration — an online marketplace that connects contractors with owners and property managers of rental properties — announced it closed $10 million in Series A funding
IFM Restoration — an online marketplace that connects contractors with owners and property managers of rental properties — announced it closed $10 million in Series A funding co-led by S3 Ventures and Brick & Mortar Ventures.
IFM Restoration is known for partnering with real estate investment trusts and property management companies to simplify the rental property maintenance process. And IFM crafts hassle-free home maintenance experiences for residents, contractors, and clients. Plus IFM has created an online platform that matches skilled workers with property owners thus turning a historically inefficient process for both sides into a positive experience.
And IFM Restoration taps into a nationwide network of independent contractors thus utilizing many sources to find top-quality workers. The advanced matching capabilities of the service address the biggest issue these skilled workers have: a consistent volume of jobs.
This round of funding will be used to hire additional talent and expand its proprietary technology platform to solve the growing challenge of managing and maintaining large portfolios of rental properties.
There are about 17 million single-family rental homes in the US along with another 4 million multi-family properties (duplexes, triplexes, etc.). And property owners and managers — typically institutional investors, rather than individuals — have to find a way to address an average of four to six maintenance issues per property each year. Plus IFM Restoration’s online marketplace presents a huge opportunity for contractors and owners alike, matching skilled tradespeople with available work in their area.
“Having two powerhouse strategic partners like Brick & Mortar and S3 Ventures is a sign of the tailwinds ahead. The funding will enable us to execute our vision of having the largest network of highly skilled tradespeople in the country, and bring predictability to the contractor marketplace for the first time.”
-Daniel Feldman, co-founder of IFM Restoration
“Our contractor-centric model reduces the cash flow constraints they typically experience; the bottom line is contractors earn more money on our platform. We take care of all the back-office needs from project management to bookkeeping to scheduling to demand generation, taking that load off the contractor so they can work more and ultimately make more money.”
-IFM Restoration Co-Founder and CEO Dustin Marx
“IFM Restoration helps to maintain some of the largest rental portfolios in the United States across many markets. They’ve solved some of the challenges unique to maintaining large portfolios of properties, and we’re excited to partner with them as they continue to build a market-leading company.”
-Charlie Plauche, partner at S3 Ventures
“We are pleased to be investing in Dustin and the IFM Restoration team as they’re solving a critical challenge in the world of managing our built environment: the maintenance and repair of residential rental properties. They have created a seamless, efficient technology solution that makes both sides of the equation—property owners and renters—experience a streamlined service visit. We look forward to working with the company and its board to continue to optimize and scale IFM’s operations.”
-Darren Bechtel, founder and managing director of Brick & Mortar Ventures