SuiteSpot, a multifamily centralization software, announced the closing of its Series A financing round. The round was led by leading real estate technology venture capital firm RET Ventures, with additional participation from UDR, a leading multifamily REIT.
RET Ventures’ investment strategy is informed by the strategic investors of more than 50 leading real estate firms, who own and operate approximately 3 million rental units.
Launched in 2017 by Elik Jaeger, SuiteSpot was developed to streamline and improve multifamily maintenance management. And SuiteSpot’s platform has evolved to help property owners and operators centralize their maintenance and capital operations at scale.
The Toronto-based company is now used across over 500,000 rental units, helping enterprise multifamily operators drive improved performance for their maintenance and capital teams. And users of SuiteSpot have reported significant improvements with clear in-year ROI, including up to 50% reduction in apartment turn times and 40% faster work order completion times.
This platform integrates with leading property management systems (PMS), and other PropTech solutions creating an optimal operational experience by fitting seamlessly within existing workflows and tech stacks.
With the capital from the Series A funding round, SuiteSpot will continue its aggressive product development to simplify workflows and boost productivity for its customers. Additionally, it will be expanding its go-to-market and support teams to roll out SuiteSpot’s technology to a wider swath of the multifamily market and ensure continuous personalized support. And the company will also be focusing on driving further adoption of SuiteSpot Capital, launched last year, which improves capital operations performance and provides centralized oversight to asset managers.
KEY QUOTES:
“In today’s market, multifamily owners are constantly seeking ways to improve their net operating income, and we believe centralization with seamless integration of systems and data is key to driving operational efficiency. With SuiteSpot, we’re centralizing and standardizing every aspect of these projects, empowering owners and operators to reduce costs and enhance asset performance through actionable property data. As we expand our platform and customer base, we’re excited to partner with industry leaders like RET Ventures and UDR, who will enable us to build on our success and continue to grow.”
-SuiteSpot CEO Elik Jaeger
“Especially as owners look to drive down costs amidst economic challenges, centralization is a major priority for the multifamily sector, and SuiteSpot has emerged as an essential tool to optimize the cumbersome maintenance processes. The platform’s ability to drastically reduce project timelines delivers immediate value to every property stakeholder, including property managers, vendors, and residents. SuiteSpot has already made significant strides when it comes to product development and market penetration, and we look forward to supporting the team as they enter this new phase of growth.”
-Christopher Yip, Partner at RET Ventures
“The maturation of real estate technology has improved multifamily operations in many respects, and UDR continues to benefit from investing time and capital into cutting-edge tech solutions like SuiteSpot. Since we first rolled out SuiteSpot in 2022, their technology has been instrumental in driving UDR’s centralization strategy. With over 75 enhancements implemented, we’ve seen significant improvements in performance and quality of life for our team. The company’s innovation and agility have been particularly impressive, and we’re proud to expand our partnership by investing in the company’s Series A round.”
-Scott Wesson, CDO at UDR
