TurnKey Vacation Rentals secures $31 million in funding

US: TurnKey Vacation Rentals has secured $31 million in Series D funding to fund its expansion and development of vacation rental technologies.

In the five years since its launch, TurnKey has grown to provide full-service property management to more than 3,500 premier vacation rental homes in top U.S. travel destinations.

The funding was led by current investor Adams Street Partners, with participation from existing investor Altos Ventures and two new institutional investors. This financing round brings TurnKey’s total capital raised to $72 million since 2013.

“TurnKey is exceptional in that their rapid growth has been organic, as opposed to growing through acquisitions,” said Jeff Diehl, managing partner and head of investments at Adams Street Partners. “This is a seasoned online travel management team that knows how to scale and execute with precision in the $100 billion vacation rental industry. Our additional investment demonstrates our belief in the promise of the TurnKey brand, its leadership and its model.”

TurnKey provides full-service vacation rental property management through smart home technology combined with local teams to deliver 24/7 service. The company’s proprietary technology platform integrates its smart locks, decibel monitors, FieldSync housekeeping scheduler and HomeDroid tablets installed in every TurnKey home to automate property management tasks.

“At TurnKey, we’ve doubled our growth each year since 2013, while expanding into 55 top markets across the US,” said T.J. Clark, TurnKey co-founder and CEO. “We are thrilled by the continued support of our investors to help us further establish TurnKey as the hospitality brand of choice for vacation rental guests and homeowners.”

“Our growth is validation of our hospitality brand and our ability to delight guests each and every time they book a TurnKey property,” Clark continued. “Today, the hotel industry has a high percentage of bookings going through a few major brands that consumers trust. Homeowners and travellers are looking for a brand they can trust to deliver consistency and quality in vacation rentals as well, and this is what TurnKey provides.”