PropTech Innovator Tour24 Series A Funding Surpasses $11 Million Mark
Investors include 29th Street Capital and multifamily industry leaders as company accelerates development and deployment of platform for the residential real estate industry
BOSTON–(BUSINESS WIRE)–Tour24, developer of a mobile app that offers renters an easy way to tour apartments and gives property management teams the ability to seamlessly manage tours, today announced that it has raised $5.5 million as part of its series A funding. The extension includes funding from Chicago-based 29th Street Ventures as well as investors that also participated in an initial $5.6 million investment earlier this year, including Middleburg Communities and Miami-based LAB Ventures. 29th Street Ventures is a division of 29th Street Capital, which has managed, invested, and acquired more than $3.1 billion of multifamily assets across the United States since 2009.
“This additional funding will be used to extend our award-winning technology platform and drive sales and marketing as we accelerate our growth in the multifamily industry,” said Georgianna W. Oliver, Founder and CEO of Tour24. “29th Street Capital has a proven track record of backing successful companies in the real estate market, and their team is already opening new opportunities and setting the stage for major growth in the next 12 months.”
Mark Chrisman, Managing Principal for 29th Street Ventures, says that the investment is a natural fit for the fund. “Our focus is on supporting new technologies that solve major problems in the multifamily and residential property industries. Tour24 is a true innovator that not only has a proven platform and an impressive roster of users, but also solves a critical problem that everyone in the property industry faces every day. The company has an experienced leadership team with deep expertise in this vertical, and we look forward to helping support their ambitious growth trajectory for 2023 and beyond.”
Tour24 is the award-winning platform that partners with multifamily operators to offer self-guided tours. By focusing on easy access, custom interactive and audio/visual tour experience and seamless integration with existing tech stacks, Tour24 is the most comprehensive solution on the market. Providing high-quality, consistent coverage when offices are closed or leasing teams are unavailable, Tour24 optimizes a community’s leasing resources. Led by a high-caliber team of industry experts, Tour24 delivers more traffic, more tours and ultimately more leases. The company is based in Boston and is privately held. Learn more at tour24now.com.
About 29th Street Capital
Formed in 2009, 29th Street Capital (29SC) is a privately held real estate investment firm with 16 offices nationwide. Its current portfolio consists of more than 20,000 existing units and a development pipeline of over 3,800 units. Learn more about 29SC at www.29thstreetcapital.com.
Cameron Thomas for Tour24
[SOURCE: BUSINESSWIRE PRESS RELEASE – link]