TurnKey Vacation Rentals, Inc., an Austin, Texas-based vacation rental management company for luxury and premium properties, secured $48m in funding.
The round, which brings total capital raised to more than $100m since its founding in 2013, was led by current investor Altos Ventures, with participation from Adams Street Partners, Greenspring Associates and Harmony Partners.
The company intends to use the funds to accelerate market expansion and develop new vacation rental offerings and technologies for individual owners and small property managers.
Led by Chairman and CEO John Banczak and T.J. Clark in 2013, TurnKey Vacation Rentals is a full-service vacation rental property management company for luxury and premium vacation rental homes in top U.S. travel destinations. The company’s proprietary smart home technology – made up of digital smart locks, FieldSync housekeeping scheduler, HomeDroid tablet, noise decibel monitors and more – integrates with local, in-market teams to ensure vacation rental experiences at every home, every stay, every time.
Six years after launching, TurnKey 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, the company also announced that Clark will now serve as President and Chief Development Officer, Banczak will continue as Chairman and will also serve as CEO, and CFO Jen Ford will also assume the role of Chief Commercial Officer.
Clark will lead development of major partnerships, as well as the productization of TurnKey’s proprietary technology platform.