TurnoverBnB raises $4.5m in Series A funding

Hawaii: Proptech SaaS platform TurnoverBnB, which helps vacation rental hosts to automatically schedule and manage cleaning for their properties, has raised $4.5 million in a Series A funding round.

The round was led by proptech-focused venture capital firm RET Ventures, as well as accelerator Blue Startups.

Founded in 2016, TurnoverBnB allows hosts to find local cleaners for their short-term rental cleaning through its decentralised platform. Its software also enables hosts to connect with their existing calendars on platforms such as Airbnb, Vrbo, Booking.com and TripAdvisor to automatically schedule their cleaners via SMS text messaging and email.

The company’s aim is make hosts’ lives easier and take the scheduling of cleaners out of their hands once a short setup process has been completed. Its popularity has increased as the need for cleanliness and safety has been heightened during the Covid-19 pandemic.

TurnoverBnB CEO and co-founder, Assaf Karmon, told Commercial Observer: “Short-term rentals have really thrived in the Covid environment. They’re isolated by design, unlike hotels with common areas.

“We are kind of riding that short-term rental wave, but initially it was difficult with Covid, because no one was going anywhere,” he added.

Operating across North America, TurnoverBnB works with more than 20,000 short-term rental hosts, while enabling operators to hire experienced cleaners in thousands of cities.

The company intends to use the incoming funding to expand into more cities and build out its professional team, including recruiting engineers, designers, customer service representatives, community managers, and marketing professionals. In addition, TurnoverBnB is seeking to enter the single-family rental and multifamily sectors, through RET Ventures’ partners who collectively own and operate over two million rental units.

Aaron Ru, vice president at RET Ventures, told the same publication: “The potential for a marketplace like the one curated by TurnoverBnB is significant, especially as the company scales to provide more offerings directed toward the residential space. Over the course of the past year, the single-family rental market has experienced significant growth, and there is a tremendous opportunity for technologies that support single-family rental portfolio operations.

“TurnoverBnB is perfectly poised to enter this emerging sector, opening the platform up for use by mom-and-pop SFR owners as well as institutional players,” he added.