Today, RentRedi, a property management software for landlords, announced raising a $12 million Series A led by K1 Investment Management, according to a press release shared with FinLedger.
Cofounded by father and son Ryan Barone (CEO and CTO) and Ed Barone (CMO) in late 2016, RentRedi aims to alleviate the often stressful rental experience by providing landlords with end-to-end property management software.
RentRedi plans to use the funding to scale its hyper-growth, mobile-first technology and continue to streamline the renting process for landlords and their tenants. The Series A also included participation from TIA Ventures, Tribeca Early Stage Partners and RiverPark Ventures, and brings the company’s total funding raised to $17 million.
“From a technology standpoint, it’s automating processes and partnerships that ultimately allow for a landlord to have all of the oversight, without necessarily all of the work. How can we automate as much of the manual tasks as possible, but still have you be in complete control with complete transparency over it?” Ryan Barone told Finledger, explaining how RentRedi plans to use the raised capital.
“I say it for the landlord side, but it applies to the tenant side as well. A lot of focus is on continuing to automate and streamline the rental process to make things easier for landlords and their tenants,” he said.
Originally created by Ryan as a way to make finding and signing apartments easier for renters, the product soon evolved when he saw the complicated, manual processes that landlords were handling on their end.
Since then, RentRedi has continued to expand its range of services to cover the entire lifecycle of the rental process, including tenant screening, rent collection, listing syndications, maintenance, accounting and more. It has also seen impressive growth in the past two years, adding 10,000 actively subscribing landlords who manage 85,000 properties since 2020.
While the majority of the company’s technology stack is created in-house, RentRedi does partner with some third-party providers to integrate additional services into its platform. Examples include its recent partnership with TransUnion, which provides renters credit boosting for on-time payments, and REI Hub, which provides double-entry accounting software.
Carbone says that each potential partnership decision comes down to the service they need and the quality of these providers; if they can’t find the exact software they feel their landlords need, they build it themselves.
Most recently, RentRedi also launched a tenant web app for rental screenings, which allows landlords to list their properties online and tenants to complete their screenings on both desktop and mobile app. Barone also said there is another announcement coming shortly, but did not elaborate beyond the fact it will center around automation.
Looking down the road, Barone says that his biggest dream is “for people to look back and forget, or not believe, how difficult renting used to be.”
“Anybody you talk to, whether it’s from the landlord side or from the tenant side, it’s not an easy process for anyone involved today. I want to see it where you find that place and it’s a great application experience. You’re renting there and everything works great, or you have a way at least to fix things when things go wrong. That really is an opportunity to build that relationship rather than the opposite,” he said.