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The multi-billion-dollar property management space has long needed a software revamp. Many solutions are outdated, others are spread thin to provide services alongside the system. But there’s one startup, and a profitable one, building that all-in-one API.
This property management platform, called Revela, recently celebrated raising $9 million in Series A funding.
Leading the round was FirstMark Capital, the NYC firm that backed big winners like Shopify, Pinterest, and Airbnb. Other investors were Detroit Venture Partners, New York-based MetaProp, and Assurant Ventures in Atlanta. The latter is the investment arm of Assurant, which provides risk management solutions in housing, among other sectors.
The round was Revela’s first institutional fundraising in nine years. Indeed, Revela was launched in 2014 out of Detroit to grow by 2021 into what FirstMark Capital called “the absolute best system on the market, thanks to its modularity, modern architecture and fully open platform” in a commentary.
Revela aims to provide property managers with the long-overdue solution to streamline their operations and automate various procedures, ultimately removing the blind spots in their operations and increase margins.
Today, the company positions itself as an all-in-one platform that makes it easy to communicate with owners and tenants, assign and monitor maintenance and construction activity, and keep track of finances and automate payables. All this comes with customizable project management boards to track leasing, maintenance, and capital projects.
To streamline the leasing process, Revela offers tenant screening, which includes background and income checks, bankruptcy claims and criminal records. Collection services can also be accessed through the platform. On the tenants’ side, they get their move-in checklists, manage online payments and maintenance requests.
On the owners’ side, Revela provides access to credit for repairs, including to the BNPL loans to buy now, pay later. Payments to owners get disbursed faster, while property expenses stay out of personal accounts. Plus, Revela promises “a P&L that's the single source of truth it was meant to be.” The platform can also help managers find the next investment project for the landlord.
“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’s CEO and co-founder, Grant Drzyzga, said in a statement last week.
The new capital will allow Revela to expand its product suite; namely, the company plans to integrate a “banking-as-a-service platform and other financial products” to embed lending options directly into its platform.
According to the press release, Revela saw its revenue double each year for the past three years – and it has been profitable despite the challenges in the market.
FirstMark’s Adam Nelson and Dez Fleming commented on the firm’s investment into Revela: “Given that there is $700 billion of rent flowing through the residential real estate market every year, Revela, as a PMS [property management system], is perfectly situated to leverage this model to drive phenomenally efficient growth and profitability.”
Image: Revela, Rawpixel
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