Knock, a CRM for landlords, raises $20M

Fifth Wall led round for startup, which has 1.5M units on platform

National /
Feb.February 18, 2021 02:00 PM
Knock co-founders Tom Petry and Demetri Themelis (Photos via Knock)

Knock co-founders Tom Petry and Demetri Themelis (Photos via Knock)

Knock, which bills itself as the “front-office tech stack” for apartment landlords, has raised $20 million in growth equity to accelerate the rollout of new products, including virtual touring and leasing.

The round, led by Fifth Wall Ventures, brings the startup’s total funding to $47 million. Previous backers Madrona Venture Group, Lead Edge Capital, Second Avenue Partners and Seven Peaks Ventures also participated in the round.

Based in Seattle, Knock’s core product is a customer relationship manager (CRM) for multifamily owners. The funding will allow the company to invest in new products, including centralized sales and lease management, virtual tours, applicant screening and AI communications and forecasting. Knock has 100 employees, and plans to add 40 to 50 more this year.

It’s not affiliated with another company with the same name, which helps people buy homes; or with Easy Knock, a sale-leaseback company for homeowners.

Knock was founded in 2014 by Tom Petry and Demetri Themelis, who previously worked together at UBS Wealth Management in New York City. The idea stemmed from their painful experiences as renters. “Looking under the hood, it was even worse” from a property management perspective, Themelis said, citing a lack of technological innovation.

Using Knock’s software, renters can see what’s available and book tours. From there, property managers can use Knock to manage correspondence with prospects and stay on top of calendar items — from showings to renewals.

“Every operational touch point is managed within Knock,” Themelis said.

In a statement, Fifth Wall partner Vik Chawla said institutional capital is flowing into the multifamily space. “With asset prices increasing in response, operators need to improve yield and maximize operational efficiencies,” he said.

Knock is subscription based, and while it declined to disclose revenue, the company said it’s quadrupled its revenue over the past two years. It also experienced a massive uptick last year, when the pandemic pushed landlords to rapidly adopt tech, if they weren’t already.

The company has 1.5 million units on its platform. Customers include CAPREIT, the Canadian Apartment Properties REIT; as well as Pinnacle Property Management, which was acquired last year by Cushman & Wakefield; and Highmark Residential, an affiliate of Starwood Capital.

“We are selling to owners and operators of large portfolios, who use Knock as a portfolio management solution,” Themelis said.





    Related Articles

    arrow_forward_ios
    From left: Fifth Wall’s Brendan Wallace, Tishman Speyer’s Rob Speyer, Social Capital’s Chamath Palihapitiya, Cantor Fitzgerald’s Howard Lutnick, Pershing Square Capital’s Bill Ackman and Opendoor’s Eric Wu
    Making sense of the SPACe race
    Making sense of the SPACe race
    (iStock/Illustration by Alexis Manrodt for The Real Deal)
    Emerald Equity siphoned security deposits at now-bankrupt buildings
    Emerald Equity siphoned security deposits at now-bankrupt buildings
    The Real Deal's E.B. Solomont
    Redfin, CoreLogic and CoStar’s love triangle
    Redfin, CoreLogic and CoStar’s love triangle
    Clockwise from top left: Rob Speyer, Brendan Wallace, Tal Kerret, Joe Beck, Scott Rechler and Tom Hennessy
    The definitive real estate SPAC tracker
    The definitive real estate SPAC tracker
    Spencer Rascoff (Photo via Getty, Spencer Rascoff, iStock)
    Spencer Rascoff goes for SPAC trifecta
    Spencer Rascoff goes for SPAC trifecta
    Silverstein Properties’ Tal Kerret and Silvertech’s Charles Federman (Getty, Silvertech)
    Silverstein’s Tal Kerret seeks $250M for SPAC
    Silverstein’s Tal Kerret seeks $250M for SPAC
    The Real Deal's E.B. Solomont
    Zillow’s $200-per-share pop, and $40M for 3D printed homes Inbox
    Zillow’s $200-per-share pop, and $40M for 3D printed homes Inbox
    Nativ co-founders Adam Kerr and Jeff Saul (Nativ, iStock)
    Proptech startup raises money to compete with Dealpath
    Proptech startup raises money to compete with Dealpath
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...