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As the rental property market continues to offer patient homebuyers longer (and longer) term housing options, more proptechs are emerging to empower both property managers and the tenants they serve. One such company is Revela, which raised $9 million in Series A funding, according to a Nov. 29 press release.
The funding was led by FirstMark Capital, joined by Detroit Venture Partners, MetaProp and Assurant Ventures. The company did not raise a seed round, and the Series A came largely on the merits of the boot-strapped Revela doubling its revenue each year for the past three years.
The company serves both private and institutional single-family landlords, multifamily property managers and student housing companies.
“Building our platform over the past decade allowed us to deeply understand the needs of our early customers and revealed an industry-wide hunger for accessible capital,” said Grant Drzyzga, founder and CEO of Revela, in a statement. “With this funding, we’re poised to provide essential liquidity into a traditionally illiquid market, ensuring owners get quick access to capital when they need it most — a pledge with the power to create a monumental impact.”
Revela offers a comprehensive backend of property management utilities, including in-depth accounting functionality, communications, maintenance oversights, tenant applications, lease administration and transparent per-unit and portfolio performance reporting.
However, standing out in Revela’s model is its capital facility. The company provides users with built-in lending through its banking-as-a-service solution. This gives customers confidence in an ever-present financial partner to extend resources for capital improvement projects or sudden major repairs.
“Owners have access to “Buy Now, Pay Later” (BNPL) loans that make even the most ambitious (or unexpected) upgrades achievable and affordable,” Revela’s website states.
Built-in banking offers landlords a unique convenience, as it directly links a manager’s daily financial tasks, ranging from equipment procurement to vacancy marketing, to the subject properties without added risk, time or the hassle of an outside financial partner. In the era of faster, more secure web-based banking and financial technology, “big banks” can quickly become too burdensome to property managers aiming to leverage modern automation and digital security.
The Series A funds will go toward shoring up the company’s banking capabilities on top of helping expand its overall suite of services.
Revela is based in Detroit.