- TurnKey Vacation Rentals — a full-service vacation rental property management company — announced it raised $48 million
TurnKey Vacation Rentals — a full-service vacation rental property management company for luxury and premium vacation rental homes in top U.S. travel destinations — recently announced that it secured $48 million in funding to accelerate market expansion, develop new vacation rental offerings, and technologies for individual owners and small property managers.
This round of funding was led by current investor Altos Ventures. And it brings the total capital raised to more than $100 million since the company was founded in 2013. Adams Street Partners, Greenspring Associates, and Harmony Partners also joined the round.
“This is our largest funding round ever and the third time our current investors have led the effort,” said TurnKey Chairman and CEO John Banczak. “TurnKey will hit the million-guest milestone this year, delivering industry-leading hospitality on the most sophisticated technology platform in the business. We’re grateful for our investors’ continued confidence as we deliver the smarter way to vacation rental.”
Co-founded by Banczak and T.J. Clark in 2013, TurnKey pioneered a new model for full-service vacation rental management, leveraging technology and expert, local teams to deliver high-end property management and guest experiences at industry-low commission rates.
Turnkey has hit a number of milestones since launching six years ago. For example, the company has hit its one-millionth guest and surpassed 5,000 homes. Plus it saw more than $400 million in gross checkout value. Since 2013, TurnKey owners have earned an estimated $50 million more than what they would have seen at an average industry commission rate of 35%.
Essentially, TurnKey’s technology automates the time-consuming property management tasks for vacation rental owners by integrating smart locks and decibel monitors. Plus it also includes FieldSync housekeeping scheduler and HomeDroid tablets to drive consistent owner and guest experience.
“This investment in TurnKey highlights our deepening conviction that technology is the key to driving quality and efficiency in vacation rental management,” added Anthony Lee — the Managing Director at Altos Ventures.
Another announcement TurnKey announced is that Clark will now serve as President and Chief Development Officer. And Banczak will continue as Chairman and will also serve as CEO. Plus CFO Jen Ford will also assume the role of Chief Commercial Officer. Clark is going to lead the development of major partnerships as well as productization of TurnKey’s proprietary technology platform.
“We’re now positioned to help the growing market of individual vacation rental owners – or for-rent-by-owners – and smaller property managers elevate their hospitality standards by providing them with our core TurnKey technology services,” explained Clark. “We’ve also seen how our recent partnerships like Homes & Villas by Marriott International further established TurnKey as the preferred hospitality and management brand for luxury and premium vacation homes in the U.S. I’m excited to spearhead these major growth initiatives.”
And Ford is going to operationalize the strategic vision of the CEO in the expanded role. She is going to develop financial plans, cultivate cross-functional alignment, drive key performance metrics, and attract and retain top talent. The responsibilities include the overseeing of Finance, Accounting, Business Intelligence, Human Resources, and Revenue Management as well as the organization’s strategic planning process.
“We’re seeing our industry driven by a convergence of service, technology and personal touch, requiring close coordination among our teams,” noted Ford. “I’m thrilled to continue working with our executives and department leadership to drive TurnKey’s evolution as we realize our vision to transform the vacation rental experience for guests and owners.”
