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Increasing rent payments aren’t the only thing fueling the rental industry’s current growth cycle.
Venture capital continues to fill the coffers of so many proptech providers emerging to support the growing business needs of apartment developers, managers and leasing agents.
The latest startup to secure funds from a collective of opportunistic investors is the woman-founded and led Revolution RE.
The data aggregation and workflow automation company received a relatively modest monetary injection when compared to recent announcements in this milieu: $3 million.
Nevertheless, the funds will be put to use fine-tuning the product and of course, selling it, according to a company announcement.
Investors contributing to Revolution RE’s funding include 29th Street Ventures; Moderne Ventures; Techstars; PLG Ventures; Silicon Badia; Jason Calacanis’ LAUNCH fund and The Syndicate; former CEO of CBRE Ray Wirta; Netflix co-founder Marc Randolph; Newmark Merrill CEO Sandy Sigal; Carl Chang, CEO and founder at Kairos Investment Management; and Chris Fraley, CIO of RealtyMogul, for who Revolution RE Founder and CEO Elizabeth Braman previously worked.
“Today, many real estate companies maintain their data in various siloed systems in a variety of formats, which makes it difficult to view properties and portfolios holistically,” said Braman. “As a result, critical stakeholders—from investors to asset managers, property managers and acquisitions teams—struggle to realize the full potential of their own data.”
The company described its services as a conduit for rapidly transporting data between existing internal sources and the people running things.
The data collected and empowered by Revolution RE’s software can be repurposed for an array of purposes within the operating environments of rental communities. Using a centralized administrative interface, users can probe everything from unit-by-unit energy usage to portfolio-wide financial performance. It can integrate on-time economic conditions with rental trends and stay on top of how tenants interact with their communities.
A core tenant of the solution is to unify data from multiple existing tech-stacks, such as maintenance systems and accounting platforms, among other disparate technologies underlying a landlord’s business. Data is stored in a single source for faster access and greatly improved security.
The company’s security rating is a recent milestone, stating it “successfully [received] its Systems and Organizational Control (SOC) 2 Type II Audit for Data Security,” the company noted. Those standards were established and are maintained by the American Institute of Certified Public Accountants (AICPA), according to the statement.
The company said it has 60,000 units on its platform.