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US: Property management software company Inhabit, which serves the residential and vacation property management industries, has announced that it has secured an undisclosed preferred equity investment led by Blackstone, with an additional investment from entrepreneurial family office Greater Sum Ventures.
As a result, Blackstone joins GSV and institutional investors Goldman Sachs, Insight Partners and PSG as shareholders in Inhabit.
The funding will be used to support Inhabit’s growth trajectory and drive innovation and improvements in the proptech industry.
Inhabit CEO Lisa Stinnett said: “We are thrilled to welcome Blackstone as part of our investor base. This investment represents a tremendous vote of confidence in Inhabit’s potential and positions us to expand our capabilities, elevate customer experience, and drive new levels of success across the residential and vacation property management industries.”
Ross Croley, founder and CEO of GSV, said: “Since Inhabit’s founding in 2016, GSV has been a proud partner in its journey, and we are excited to continue investing as the company moves to the next level. This next phase is an exciting opportunity to further support Inhabit’s growth and innovation in the property management industry.”
Shary Moalemzadeh, senior managing director at Blackstone, and Dawn Hu, managing director at Blackstone, said: “We are excited to support Inhabit’s growth journey and innovative approach to property management technology. We look forward to investing in Inhabit as they continue to enhance their platform and expand their presence across the industry.
“Our investment reflects our confidence in Inhabit’s ability to continue delivering excellent solutions in this dynamic space,” added Moalemzadeh.
A year ago, the firm was reported by Fortune.com to be preparing for a sale in early 2024, with investment banking and advisory firm, Jefferies, said to be anticipating selling Inhabit for more than $2 billion.
Founded in 2016, Inhabit previously received “a significant investment” from Goldman Sachs’ merchant banking division back in December 2020.
As a software company with more than 1,500 team members, Inhabit currently serves over four million units in the residential and short-term / vacation rental property management industries. Its brands include RentalGuardian, ResMan, ResidentIQ, Streamline Vacation Rental Software, Lynnbrook, ePremium and LiveRez.
Inhabit acquired LMPM, including RentalGuardian, in March last year for undisclosed terms.
