Entrata, a Lehi, Utah-based multifamily industry’s technology platform, raised $507m in funding.
The round was led by Silver Lake, Qualtrics Founder Ryan Smith and Vivint Smart Home Founder Todd Pedersen, with participation from Dragoneer, Domo Founder and CEO Josh James, and other strategic investors. In addition, Pedersen and Silver Lake Managing Director Kyle Paster will join the company’s board of directors.
The company intends to use the funds to:
- more than double its research and development spend in the platform in the coming years,
- adopt a go-to-market strategy including international expansion planned in the near future, and
- invest in personnel and improve efficiencies in the client experience.
Led by Adam Edmunds, CEO, Chase Harrington, president and COO, Entrata provides comprehensive property management software provider with a single-login, open-access platform. Offering a wide variety of online tools including websites, mobile apps, payments, lease signing, accounting, and resident management, the platform currently serves more than 20,000 apartment communities nationwide and process more than $20 billion in rent payments annually, The company has more than 2,100 employees with plans to add hundreds more in 2021 alone.