TurboTenant Raises $1.5 Million to Expand Landlord Software Features and Accelerate Growth
Fort Collins, CO: TurboTenant, one of the fastest growing companies offering online solutions that help residential landlords save time and improve the performance of their rental properties, recently raised $1.5 million in growth capital from an investor group led by FrontRange Capital Partners, LLC, a Denver-based private equity firm focused on investments in real estate and high growth companies. TurboTenant, which offers its products at no charge to landlords, will use the capital raised to grow the brand by adding additional landlord clients, broadening its suite of products, and expanding its management team and board of advisors to secure its position as the leader in the free landlord software market.
“TurboTenant is helping independent landlords drive revenue and performance by greatly simplifying the way they rent and manage their properties. The response from landlords has been tremendous,” says Sarnen Steinbarth, Founder / CEO of TurboTenant. “We launched just one year ago and already have added more than 30,000 landlords to our platform—and we continue to grow at over 10% per month due to the tremendous value landlords see in our products. This round of funding allows us to accelerate our growth and expand our suite of products to keep up with the demands of our growing customer base and help our independent residential landlords better compete with the large institutional operators.”
“We are pleased to lead this $1.5 million growth financing round to help build on the tremendous product offering Sarnen and his team has developed with the backing of Crescendo Capital Partners. Our goal is to provide TurboTenant with the financial and human capital support they need to further accelerate their growth,” said David Robertson, CEO of FrontRange Capital Partners.
TurboTenant launched in early 2016 and received early seed financing from Crescendo Capital Partners. Joining Steinbarth and Mark Hopkins (Founder of Crescendo Capital Partners) on the TurboTenant board will be Glenn Russo (former President of Zayo Group), David Robertson (CEO of FrontRange Capital Partners), and FrontRange investors David Prokupek (former CEO of Smashburger and Jackson Hewitt) and Chuck Davis (CEO of Swagbucks and former CEO of Fandango and Shopzilla).
About TurboTenant (turbotenant.com): TurboTenant helps independent landlords improve the investment performance of their properties by offering them online tools that previously were only available to large property management companies. These features include online rental applications, tenant credit and background reports, property listings and automated marketing, and online rent payments. All of TurboTenant’s features are free for landlords.
About FrontRange Capital Partners (frontrangecap.com): FrontRange Capital Partners is a private equity firm focused on investments in real estate and high growth businesses. Founded in 2010 in partnership with the Pritzker Group and led by David Robertson, Lance Graber and Glenn Robson, FrontRange invests capital on behalf of institutions and high net worth individuals. The firm seeks to generate superior risk-adjusted returns and capital preservation by investing in assets and companies that provide upside through current income and growth, as well as downside protection through structuring and underlying asset value.
About Crescendo Capital Partners (crescendocp.com): Crescendo Capital Partners is a private equity group that invests in growing lower middle market companies operating across a broad range of markets and industries. The firm is comprised of successful entrepreneurs and business leaders who enjoy building great companies. The Crescendo team partners with existing management and, when needed, bring in the talented professionals required to help drive growth and profitability.