TenantCloud, an Austin, TX-based provider of cloud-based rental accounting platform, raised $2M in seed funding.
The round was led by User Friendly Media as well as Texas investors Bruce Howard and Jack Richards, with participation from California-based startup investor Martin Garcia and previous backers.
The company intends to use the funds for the development of the landlord software and market awareness. In conjunction with the funding, Greg Garrick, a User Friendly Media executive, and Richards will be joining TenantCloud’s board of directors.
Founded in 2015 by CEO Joe Edgar and CTO Vitaliy Ivanyshyn, TenantCloud provides a cloud-based rental accounting platform focused on the needs of do-it-yourself landlords and tenants of single family rentals. Landlords and tenants can receive/pay rent, receive/send applications, post move in move out pictures, assign and receive maintenance request.
The service is available on numerous devices, including laptops, tablets and mobile phone. All rental information is stored in a cloud account, so users can access it from anywhere. System security includes 128-bit encryption through SSL (Secure Sockets Layer) and data is backed up every 20 minutes.
TenantCloud is free to landlords and tenants as users can purchase additional services from a number of national and local third party providers, who pay an access fee.