Property management startup Home365 raised $16.3 million in a funding round led by Greensoil Proptech Ventures.
Other participants in Home365’s funding round, per The Real Deal, include Eyal Ofer, O.G. Tech Ventures, Verizon Ventures, Lool Ventures and North First Ventures.
The funding round is expected to continue helping the company expand and acquire firms.
Based in the Bay Area, Home365 was founded in 2015. As Inman previously reported, the startup offers full service management for property owners for a single fee. Those services can include placing tenants, dealing with maintenance issues, collecting rents, and attending to tasks that are typically taken care of by the manager.
When it comes to determining the service fee, Inman reported, Home365 uses an artificial intelligence-powered algorithm that takes the age, size, location, and history of a property into consideration.
Through its platform, tenants are able to report the repairs needed in their homes, which are then tracked to completion. Tenants are also able to leave reviews of their experiences.
“Home365 offers an advanced way to refine communication between parties, improve overall customer service and assist landlords in what can be a very demanding and stressful business,” CEO Daniel Shaked told Inman.
The company’s platform can also estimate maintenance costs, repairs, and a property’s monthly operating income, Per The Real Deal report.
“One of the major problems that you have with the performance of rentals is what happens after you buy,” Shaked was quoted in the report. “That’s the unique part of what we are doing: We are able to predict various events for a specific asset.”
According to The Real Deal, Home365 has a 40-agent realty section and operates in six states across 14 major metro areas including Las Vegas, Atlanta, Philadelphia, Pittsburgh, Trenton and Baltimore.
Following news of the funding round, the company announced the acquisition of SlateHouse Property Management and Realty. The property management company is located in the U.S. with offices in 12 markets including Philadelphia, Scranton, Baltimore, Norfolk, Willingboro, and Harrisburg.
According to The Real Deal report, the acquisition will add 7,000 managed rental units to Home365’s portfolio.
Gideon Soesman, co-founder of Greensoil Proptech Ventures, was quoted saying in the report that the venture capital firm is “looking at Home365 to become a consolidator.”