Vacation Rental Company TurnKey Raises $21 Million
TurnKey Vacation Rentals, a vacation rental management company based in Austin, has raised $21 million in a Series C investment round. The company provides marketing and professional management services to vacation rental owners in 40 U.S. markets.
The investment round was led by venture capital firm Adams Street Partners. Other participating investors include Altos Ventures and Silverton Partners. The Austin, Tex.-based company has raised $41 million, to date.
The company expects to use the funding to almost double the number of properties it manages this year. It will also introduce online virtual tours, floorplans, and 3D models of all of its homes, and it will expand the ability of guests to contact it via phone, email, SMS, or chat, from the booking process through the guest’s stay.
Like Expedia-backed booking website HomeAway, TurnKey is based in Austin, which ironically voted to ban short-term rentals last year. It’s precisely companies like TurnKey that aggravate hotel lobbyists and other activists by helping to professionalize the vacation rentals.