Rentable, an online platform that focuses on streamlining multifamily rental and property management has raised $22.5 million in a Series B fundraising round.
The round was led by Susquehanna Growth Equity, private equity firms, along with other investors. 4490 Ventures and Flyover Capital joined the round as well. Previously, both companies had participated in Rentable’s $5 million Series A round in 2016.
The Madison-based startup was founded in 2013 with the vision to make the rental process more flexible and intuitive than other e-commerce platforms.
In addition, the platform provides tools for property owners that streamline listing, leasing, and management. It targets small-scale or mid-market, landlords that might be priced out of the online marketplace.
According to Alec Slocum, CEO of Rentable, not only does it solve the listing and management problem for landlords, but the platform also fixes the search problem for renters.
“To really change the search experience for renters, you can’t just add another filter and create a new screen. You need to unlock new content, new technology that really solves the friction points that renters experience.”
Rentable will use the new funds to develop its workforce over the next year with new hires involved in sales, product, engineering, and business development.
The company’s performance has been good, despite the soft economy. It grew quickly in 2020 amid the lockdown in the USA.
Susquehanna Growth Equity, the leading investor in Rentable’s Series B funding round, is an arm of the trading and technology firm Susquehanna International Group. The company seeks growth-stage software, internet, and data companies with revenue of $5 million to $50 million.
Josh Elser, the managing director of Susquehanna Growth Equity, considered Rentable’s platform the place for young renters, and said,
“The old, big players can’t really change their ways, and they’ve created an environment where companies like Rentable have big room to improve and grow.”
Susquehanna has made five investments in prop-tech startups in recent years.