Leading self-guided tour company Tour24 announced the closing of a $5 million Series B funding round. This round was led by leading real estate technology venture capital firm RET Ventures.
Launched in 2020, Tour24 was created to help multifamily owners and operators optimize the apartment leasing process by delivering a seamless, self-guided touring experience. Built to meet the demand for renter flexibility, Tour24 enables prospects to schedule and tour communities at their convenience, offering self-guided tours both during and after regular office hours, including weekends and holidays.
With Tour24, owners can offer curated tours with pre-recorded audio describing apartments and amenity spaces, providing potential residents with insights into the property based on their location. For example, owners who want to highlight top-of-the-line kitchen appliances or a fitness center can customize the tour and audio guide to ensure these attributes are emphasized when the resident walks through those rooms.
Tour24 also offers multifamily owners and operators with insights into how tours are performing and which areas of the property prospects spend the most time in. By placing Bluetooth beacons in every room, Tour24 can pinpoint which rooms and amenity spaces a prospect spent time in, facilitating more targeted follow-up after the tour. Plus, Tour24 coordinates all the necessary logistics for an ideal self-guided touring experience, including ID verification and access control with smart locks or conventional keys.
Created to be extremely user-friendly, the platform recently rolled out a range of new features, including Face ID, Fingerprint Login, Tour Now for immediate touring, and calendar integration for prospects scheduling tours. And it also facilitates a smooth leasing process by pushing prospects from the app to apply to lease immediately following the self-guided tour.
The company currently serves 525,000 units across 2,065 multifamily properties in the U.S. Several RET strategic investors, including GID, Berkshire Residential Investments, Highmark, AMLI Residential, and LCOR are utilizing the product. Tour24 seamlessly integrates with leading property management systems and property technology solutions, including fellow RET portfolio companies Engrain and Funnel, Yardi, Entrata, RealPage, EliseAI, and Brivo.
With the funding from its Series B, Tour24 will continue developing its product roadmap and improving its user experience. The company will also focus on growing its team and continuing its expansion across the U.S. multifamily market.
KEY QUOTES:
“While the COVID-19 pandemic created an immediate demand for self-guided touring solutions, appetite for platforms like Tour24 has remained strong, especially as recent economic conditions have compelled many multifamily owners to optimize operations and cut costs. At Tour24, we are dedicated to providing an elevated touring experience to prospective residents that acts like an agent while giving owners the tools they need to fill units faster and better utilize their onsite staff. We’re thrilled to work with a partner like RET Ventures, whose deep industry connections and expertise will enable us to enhance our technology further and deliver the best experience possible to owners and residents alike.”
-Georgianna W. Oliver, founder and CEO of Tour24
“Especially as the industry continues to push for more centralized property operations, an increasing number of owners and operators are looking to implement self-touring technology across their portfolios. Tour24 provides these professionals with an immediate return on investment by allowing them to expand their touring hours and offerings without increasing onsite staff or stretching it too thin. Several of our strategic investors are already utilizing the platform, and we look forward to supporting the company as it continues to refine its technology and expand its market reach.”
-Christopher Yip, Partner at RET Ventures
