US: Vacation rental management company TurnKey Vacation Rentals has secured $48 million in its latest funding round.
The round was led by current investor Altos Ventures and brings the total capital raised by the firm to over $100 million since its founding in 2013. The investment will help to fuel market expansion and enhance its rental offerings and technologies for both individual owners and small property managers.
Altos Ventures managing director Anthony Lee said: “This investment in TurnKey highlights our deepening conviction that technology is the key to driving quality and efficiency in vacation rental management.”
Other participants in the funding round included existing TurnKey investors Adams Street Partners, Greenspring Associates and Harmony Partners.
TurnKey chairman and CEO, John Banczak, said: “This is our largest funding round ever and the third time our current investors have led the effort. 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,” he added.
Six years after Banczak and T.J. Clark founded the firm, TurnKey is set to reach a number of key milestones this year.
This includes welcoming its one millionth guest, surpassing 5,000 homes, and achieving more than $400 million in gross checkout value.
The funding news followed TurnKey’s announcement that Clark would now serve as president and chief development officer (CDO). Meanwhile, Banczak will continue as chairman and also serve as CEO, while CFO Jen Ford will take up the role of chief commercial officer (CCO).
Clark will be tasked with leading the development of major partnerships and the productisation of TurnKey’s proprietary technology platform. TurnKey’s technology automates time-consuming property management tasks for vacation rental owners by integrating its smart locks, decibel monitors, FieldSync housekeeping scheduler and HomeDroid tablets to deliver a consistent owner and guest experience.
Clark said: “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.
“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,” he added.
In her expanded role, Ford will deliver the strategic vision of the senior team to drive commercial success. This includes developing financial plans, cultivating cross-functional alignment, driving key performance metrics and attracting and retaining top talent.
Her responsibilities will also include overseeing finance, accounting, business intelligence, human resources and revenue management, as well as the organisation’s strategic planning process.
Ford said: “We’re seeing our industry driven by a convergence of service, technology and personal touch, requiring close coordination among our teams. I’m thrilled to continue working with our executives and department leadership to drive TurnKey’s evolution as we realise our vision to transform the vacation rental experience for guests and owners.”
For more information, visit the TurnKey Vacation Rentals website here.