RentSpree raises $17M in funding round

California Association of Realtors joins investor pool in rental management software firm

RentSpree's Michael Lucarelli (LinkedIn, Getty)
RentSpree's Michael Lucarelli (LinkedIn, Getty)

RentSpree, which provides rental management software, has raised $17.3 million in new funding.

San Francisco-based financial tech investor Green Visor Capital led the Series B round for the proptech firm, according to an announcement from RentSpree on Monday. The new funding round comes about a year after Rent Spree raised $8 million in Series A financing.

The California Association of Realtors, Rally Ventures, Venture MLS, Gaingels, KEC Ventures and ECG Research also contributed to the fresh capital pool.

RentSpree, based in Sherman Oaks, will use its new cash to develop more tools. The firm currently provides software to allow landlords to screen tenant applications and process rent payments.

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CEO Michael Lucarelli wants to have 30 percent of all U.S. real estate agents use RentSpree over the next two years, he said in a statement, adding the company has already partnered with multiple listing services, brokerages and other proptech platforms.

The new funding comes as the proptech sector has struggled with layoffs and financial losses. Digital mortgage firm Blend, title insurer Doma, Zumper and have all laid off staff in the last six months, while Tishman Speyer-backed Latch recently disclosed that its financial statements cannot be relied upon.

However, as lending firms have struggled with soaring mortgage rates, RentSpree has cited growing demand for rentals and soaring rents as reasons for its success.

The average rent for a one-bedroom in Los Angeles has risen 20 percent during the last year to $2,450 per month, according to Zumper.