Knock, a Seattle-based software as a service company, recently announced receiving $12 million in funding as a second round, or "Series B," investment. The round was led by Madrona Venture Group, also based in Seattle, with Lead Edge Capital in New York and Seven Peak Ventures from Bend, Ore., also participating.
The new infusion raises Knock’s raised capital total to $27.5 million. Knock will use the new capital to continue growing its go-to-market and product teams while furthering its front office product road map, including a suite of productivity and business intelligence tools that are critical to improving occupancy and renewal rates.
“Every apartment building is like its own small business, but many management companies haven’t modernized their front office technology to understand what is driving performance at each property—from marketing to sales to retention,” said Tom Petry, CEO and co-founder of Knock. "The result is asset under-performance, which may become even more pronounced with an uncertain macro climate."
Founded in 2014, Knock’s software toolbox helps with scheduling, messaging, workflow organization, marketing, sales, service, and tenant retention. To keep things current, the firm is now working on ways to expedite new resident engagement and renewal workflows, centralized leasing tools to work from home, as well as new self-guided and live video touring capabilities. Knock’s systems are already installed in operations across the country, and the investors are looking for more technology breakthroughs.
“The Knock team has executed exceptionally well since we led the Series A,” said Scott Jacobson, managing director at Madrona Venture Group. “Knock is that much more critical to its customers in what could be softer rental markets to come, and we are excited to have the opportunity to double down on our investment in the company to help accelerate their product road map and ability to add value to multifamily operators.”
