Today, TurnKey is excited to announce we secured an additional $31 million of funding. This Series D financing enables us to invest in new vacation rental technologies and continue showing homeowners and guests why we’re one of the leading vacation rental hospitality brand in the U.S.
We currently manage 3,500 premier homes across more than 55 markets that are top U.S. travel destinations. This funding will help us further our goal of market expansion – bringing more guests the quality of a fine-hotel experience, while optimizing the management, marketing, and return on investment for vacation rental homeowners.
The funding was led by current investor Adams Street Partners, with participation from existing investor Altos Ventures and two new institutional investors. This financing round brings TurnKey’s total capital raised to $72 million since 2013.
Read more about our previous funding here.
At TurnKey, our mission is to provide an unparalleled experience for homeowners and guests and emerge in the short-term rental market as a premium hospitality supplier brand – a mission our investors are confident we can accomplish.
“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. “This is a seasoned online travel management team that knows how to scale and execute with precision in the $100 billion vacation rental industry. Our additional investment demonstrates our belief in the promise of the TurnKey brand, its leadership, and its model.”
Our full-service vacation rental property management is made possible through smart home technology combined with local teams to deliver 24/7 service. Our proprietary technology platform integrates its smart locks, decibel monitors, FieldSync housekeeping scheduler, and HomeDroid tablets installed in every TurnKey home to automate time-consuming property management tasks, giving homeowners time back in their days and guests an exceptional stay every time.
This combination of technology and refined management processes enables TurnKey to charge an industry-low commission rate, typically half of the 35-50% charged by most vacation rental property managers.
“At TurnKey, we’ve doubled our growth each year since 2013, while expanding into 55 top markets across the U.S.,” said T.J. Clark, TurnKey co-founder and CEO. “We are thrilled by the continued support of our investors to help us further establish TurnKey as the hospitality brand of choice for vacation rental guests and homeowners.”
“Our growth is validation of our hospitality brand and our ability to delight guests each and every time they book a TurnKey property,” Clark continued. “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.”
According to Wells Fargo Private Equity Research, professional property management can drive more than a 20% improvement in net revenue for vacation rental homeowners when compared to self-management, yet fewer than half of vacation rental homes are currently property managed. Learn more about how TurnKey can help you earn more revenue here.
“The vacation rental industry is still in its infancy but growing rapidly – by 2020, it will represent approximately 20% of total worldwide accommodation bookings,” said Jen Ford, TurnKey CFO. “In the U.S alone, there are well over a million vacation rentals. This capital investment will enable us to bring our proprietary technology and best-in-class management to more of those homes.”
Join the industry – learn more about buying a second home as a vacation rental here.
The vacation rental industry is projected to reach $169.7 billion by next year – we’re excited to continue contributing to its growth and giving homeowners and guests experiences unlike any other.
Full press release here.