TurnoverBnB Raises $4.5 Million in Series A Round Led by RET Ventures
With the travel industry bouncing back, SaaS platform for short-term rental hosts continues market expansion
TurnoverBnB, a SaaS platform helping operators of vacation rentals source and manage cleaners for their properties, has announced the completion of a $4.5-million Series A raise. The funding round was led by RET Ventures, a leading proptech-focused VC firm, and also included the participation of Hawaii-based accelerator Blue Startups. Founded in 2016, TurnoverBnB addresses a pressing need for short-term rental operators, providing them with a centralized platform for sourcing and managing cleaning services for their properties. In addition to its marketplace functionality, which enables operators to hire experienced cleaners in thousands of cities around the world, the platform boasts features including auto scheduling and auto payment to streamline the management process for in-unit cleaning. In total, TurnoverBnB’s user base comprises more than 20,000 short-term rental hosts.
With individuals across the globe turning increased attention toward hygiene over the past year, TurnoverBnB’s business has grown significantly, with the company’s revenues tripling since early 2021. TurnoverBnB’s activity is concentrated most heavily in the United States and Canada, but it has a rapidly growing global footprint. This funding will provide the company with the resources to expand its reach internationally in Europe and Australia, working toward a goal of serving the entirety of the global marketplace for home and vacation rentals.
“When we founded TurnoverBnB in 2016, we realized that solving the tricky problem of in-unit cleaning would help support the maturation of short-term rentals, and it’s been very gratifying to see our business grow alongside the expansion of platforms such as Airbnb and VRBO,” said Assaf Karmon, CEO and co-founder of TurnoverBnB. “Even as COVID restrictions are rolled back and travel surges, health concerns remain, which has driven many travelers toward vacation rentals in lieu of conventional travel accommodations. With the supply of short-term rental units having trouble keeping up with demand, services like ours — which enable faster turnover of these units — are particularly timely, and we anticipate significant growth in the months ahead.”
To facilitate its geographic expansion, TurnoverBnB plans to build out its professional team in the near term, adding engineers, designers, customer service representatives, community managers and marketing professionals.
With a valuable platform that provides cleaning services in thousands of different cities, TurnoverBnB also offers value beyond short-term rentals, and the company is eyeing expansion into the single-family rental and multifamily sectors. As this expansion occurs, RET Ventures will serve as a key partner to TurnoverBnB, providing access to its impressive group of limited partners who collectively own and operate more than 2 million rental units.
“The potential for a marketplace like the one curated by TurnoverBnB is significant, especially as the company scales to provide more offerings directed toward the residential space,” said Aaron Ru, vice president at RET Ventures. “Over the course of the past year, the single-family rental market has experienced significant growth, and there is a tremendous opportunity for technologies that support SFR portfolio operations. TurnoverBnB is perfectly poised to enter this emerging sector, opening the platform up for use by both mom-and-pop SFR owners as well as institutional players.”
About TurnoverBnB Founded in 2016 for short-term rental operators, TurnoverBnB provides a centralized platform for listing, sourcing, and managing cleaning services for home and vacation rental properties. In addition to its primary function as a marketplace for rental cleaning services, the platform boasts features including auto scheduling and auto payment to streamline and simplify the cleaning process for rental managers. TurnoverBnB is used by more than 20,000 hosts across North America and beyond. For more information, please visit www.turnoverbnb.com.
About RET Ventures A leading real estate technology investment firm, RET Ventures is the first industry-backed early-stage venture fund to strategically focus on helping build cutting-edge “rent tech” — technology for multifamily and single-family rental real estate. RET’s base of Strategic Investors includes some of the largest REITs and private real estate owner-operators and managers, who control approximately 2.4 million apartment units. Through its deep expertise and connections within the industry, RET has created a unique real estate innovation ecosystem that delivers significant value to the companies it backs, providing them with access to thought leaders, development partners, and ongoing guidance. For more information, please visit www.ret.vc.