TurnKey Raises $31 Million as Vacation Home Rental Management Stays Hot
Photo Credit: TurnKey has raised funding for its vision of next-wave property management. Shown here is how the company's FieldSync housekeeping mobile app helps automate and validate housekeeping work remotely, while its HomeDroid photo comparison service lets staff, guests, and property owners know the current state of a home at any moment. TurnKey
Skift Take
Does yet another big funding round signal that the vacation rental property market is over-heated? Nah. It's reasonable given the huge size of the opportunity and how much investment will be needed to digitize and automate the sector.
Investors continue to pour money into startups claiming to use technology to automate and improve vacation rental property management.
TurnKey, an Austin, Texas-based startup, said Monday that it had raised $31 million in a Series D round of funding.
Existing investor Adams Street Partners led the round. Altos Ventures and two new institutional investors also pitched in. The funding brings the total that Turnkey has raised to $72 million.
The news comes on the heels of the February 2018 report that Wyndham agreed to sell its European division, which manages 110,000 properties, to a private equity firm for $1.3 billion.
Last October, Vacasa raised a $103.5 million Series B round.
Sonder, another property management company, has publicized a total of $13 million in funding. The Information reported in January 2018 that the startup had raised about $30 million in an undisclosed Series B last year and is seeking a fresh round.
Rented.com, which provides financing to the
