TurnKey Vacation Rentals announced today it has secured $48 million in funding, bringing the total amount of capital raised to date to $120 million. TurnKey plans to use the injection to expand into new US markets and to package its technology for homeowners and small vacation rental managers.
This latest round was led by current investor Altos Ventures with participation from Adams Street Partner.
The news comes just days after short-term rental provider Sonder announced it pulled in $225 million to grow its current portfolio of urban short-term rentals.
“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.”
Just six years after launching, TurnKey, with a business model that offers below-market commission rates, will hit key company milestones, including its one millionth guest, surpassing 5,000 homes, and more than $400 million in gross checkout value.
Along with the funding announcement, TurnKey also announced that TJ Clark will now serve as President and Chief Development Officer, John Banczak will continue as Chairman and will also serve as CEO, and CFO Jen Ford will also assume the role of Chief Commercial Officer.
TurnKey to Package its Technology for Homeowners and Small Managers
According to the company’s release, 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 US. 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.”