TenantCloud Raises $2MM in New Funding for Strategic Growth Acceleration
In just over a year TenantCloud is now used in over 4,000 cities throughout North America.
AUSTIN, September 1, 2016 -- TenantCloud a leading provider of cloud-based rental accounting announces a seed investment of $2 Million led by User Friendly Media as well as Texas investors Bruce Howard and Jack Richards. Additional investors include experienced California-based startup investor Martin Garcia and previous investors. The financing will be used for the continual development of the free easy-to-use landlord software and market awareness. Greg Garrick, a User Friendly Media executive, and Jack Richards will be joining TenantCloud’s board of directors.
“TenantCloud has rapidly developed a leadership position in one of the fastest growing markets,” said CEO Joe Edgar. “U.S. homeownership is at a 50 year low and purchases of new single family homes rose in July to its highest since 2007. This gives rise to the largest and fastest growing small business group in the country - the landlord.”
TenantCloud focuses on an underserved market of do-it-yourself landlords and tenants of single family rentals. While established competitors focus on selling their software to large property management companies of apartment buildings, Tenantcloud’s service is free to landlords and tenants. Users are able purchase additional services from a number of national and local third party providers, who pay TenantCloud an access fee. Edgar estimates there are nearly 10 million landlords and 70 million tenants of single family rentals in the U.S. “The opportunity isn’t knocking - it’s banging on the door,” Edgar adds.
Landlords and tenants can receive/pay rent, receive/send applications, post move in move out pictures, assign and receive maintenance request, in other words do all key features modern landlords and tenants need to do in their busy life. Also, TenantCloud is available on numerous devices, like 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, so information is available exclusively to authorized users.
“The team and I are so excited to be working with these amazing new investors. They bring a depth of knowledge and experience, which will truly help TenantCloud achieve its next objectives,” says co-founder and CTO Vitaliy Ivanyshyn.
Founded in 2015 and based in Austin, Texas, TenantCloud is a free cloud-based rental accounting and management tool for landlords. Tools include online rent collection, accounting and reports, maintenance requests, tenant portal, service pro portal, owner portal, listings manager, and much more.
About User Friendly Media
Operating since 1999, User Friendly Media boasts a portfolio of print, digital and mobile marketing solutions for small business. The company’s product suite includes 36 print directories, User Friendly Apps, a mobile app builder, Huzzah, a cutting-edge digital customer loyalty platform, User Friendly Mobile ads, a platform for serving locally-targeted mobile ad impressions and GoLocal247.com, one of the fastest growing local business directory websites in the country.