This latest round of funding is led by Green Visor Capital. The fintech venture capital firm is joined by new investors Rally Ventures, the California Association of REALTORS (CAR), Venture MLS, ECG-Research, KEC Ventures, and Gaingels, with participation from existing investors 645 Ventures and Vesta Ventures.
“We recognized a marked shift toward renting that has been years in the making,” Michael Walsh, general partner, Green Visor Capital, said in a statement provided to Mortgage Professional America. “That transformation has only accelerated over the last 24 months. RentSpree is well-poised to continue leading the industry through these changing dynamics due to its partnerships, product innovation, and momentum.”
Demand for rentals has exploded against a backdrop of rising mortgage rates that have made it more expensive to buy a home. As a consequence, RentSpree officials said the funding will be used to further empower renters, agents, and landlords with new tools, such as rental payment. Case in point: RentSpree has seen an average monthly increase of rent collected via this latest feature by more than 30% year to date. Given this trajectory, RentSpree is on track to process more than $160 million in rental payments over the next 12 months, officials said.
By providing decision-enablement resources, RentSpree will assist renters in better understanding their finances on their real estate journey, company officials added. These tools are designed to help solve financial pain points, set renters up for success in the rental market, and allow them to reach their long-term goals. In concert, the company is equipping agents and brokers with the tools necessary to seamlessly diversify their client portfolio and income, as well as support their rental clients’ transition to homeownership in due time.