On Monday, vacation rental property management platform TurnKey Vacation Rentals raised a $31 million Series D.
Adam Street Partners led the round, which saw participation from other existing investors, including Altos Ventures. Two new, unnamed institutional investors also participated. Since TurnKey’s launch in 2013, the company has raised $72 million in capital — most recently, a $21 million Series C last March.
The company is one of the fastest-growing tech startups in town, increasing local employee count between 2016 and 2017 from 80 employees to 160. Co-founder and CEO T.J. Clark also confirmed market growth, saying in a statement that the company has doubled its growth every year since 2013.
This is a seasoned online travel management team that knows how to scale and execute with precision in the $100 billion vacation rental industry."
“TurnKey is exceptional in that their rapid growth has been organic, as opposed to growing through acquisitions,” said Jeff Diehl, managing partner and head of investments at Adams Street Partners, in a statement. “This is a seasoned online travel management team that knows how to scale and execute with precision in the $100 billion vacation rental industry.”
TurnKey will use this investment to continue expanding into new markets and toward its smart home technology.
The company currently supports 3,500 rental properties in 55 markets through its full-service management solutions. TurnKey’s suite of tools cover marketing, booking, concierge, keyless lock code delivery, 24/7 guest support, noise monitoring and housekeeping scheduling.
“Our growth is a validation of our hospitality brand and our ability to delight guests each and every time they book a TurnKey property,” Clark said in a statement. “Today, the hotel industry has a high percentage of bookings going through a few major brands that consumers trust. Homeowners and travelers are looking for a brand they can trust to deliver consistency and quality in vacation rentals as well, and this is what TurnKey provides.”
TurnKey has 375 employees total and is hiring in Austin for sales, pricing and revenue management, marketing, human resources, finance and account management.