TurnKey Vacation Rentals is excited to announce $48 million in funding to fuel market expansion and the development of new vacation rental offerings and technologies for individual owners and small property managers. This round was led by current investor Altos Ventures, and brings its total capital raised to more than $100 million since its founding in 2013.
“This investment in TurnKey highlights our deepening conviction that technology is the key to driving quality and efficiency in vacation rental management,” said Anthony Lee, Managing Director at Altos Ventures.
Other participants in this funding round included existing TurnKey investors – Adams Street Partners, Greenspring Associates, and Harmony Partners.
“This is our largest funding round ever and the third time our current investors have led the effort,” said TurnKey Chairman and CEO John Banczak. “TurnKey will hit the million-guest milestone this year, delivering industry-leading hospitality on the most sophisticated technology platform in the business. We’re grateful for our investors’ continued confidence as we deliver the smarter way to vacation rental.”
Co-founded by Banczak and T.J. Clark in 2013, TurnKey pioneered a new model for full-service vacation rental management, leveraging technology and expert, local teams to deliver high-end property management and guest experiences at industry-low commission rates. Just 6 years after launching, TurnKey will hit key company milestones, including its one millionth guest, surpassing 5,000 homes, and more than $400 million in gross checkout value. Benefiting from its low commission rates, since 2013 TurnKey owners have earned an estimated $50 million more than what they would have earned at an average industry commission rate of 35%.
Along with the funding announcement, TurnKey also announced that Clark will now serve as President and Chief Development Officer, Banczak will continue as Chairman and will also serve as CEO, and CFO Jen Ford will also assume the role of Chief Commercial Officer.
Clark will lead development of major partnerships, as well as the productization of TurnKey’s proprietary technology platform. TurnKey’s technology automates the time-consuming property management tasks for vacation rental owners by integrating its smart locks, decibel monitors, FieldSync housekeeping scheduler, and HomeDroid tablets to drive a consistent owner and guest experience.
“We’re now positioned to help the growing market of individual vacation rental owners – or for-rent-by-owners – and smaller property managers elevate their hospitality standards by providing them with our core TurnKey technology services,” Clark said. “We’ve also seen how our recent partnerships like Homes & Villas by Marriott International further established TurnKey as the preferred hospitality and management brand for luxury and premium vacation homes in the U.S. I’m excited to spearhead these major growth initiatives.”
In her expanded role, Ford will operationalize the strategic vision of the CEO and leadership team to drive commercial success by developing financial plans, cultivating cross-functional alignment, driving key performance metrics, and attracting and retaining top talent. Her responsibilities will include overseeing Finance, Accounting, Business Intelligence, Human Resources, and Revenue Management, as well as the organization’s strategic planning process.
“We’re seeing our industry driven by a convergence of service, technology and personal touch, requiring close coordination among our teams,” Ford said. “I’m thrilled to continue working with our executives and department leadership to drive TurnKey’s evolution as we realize our vision to transform the vacation rental experience for guests and owners.”
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