More than a year after securing an initial $4 million of seed funding and launching its product, Rentlytics is hoping to expand and optimize its business intelligence platform with a $9.1 million Series A funding round, which is being led by lender giant Walker & Dunlop.
Co-founders Justin Alanis and Phil Plante started Rentlytics back in 2012 with the goal of solving what they saw as the the largest problem with the big data trend in multifamily – no one knew how to capture and synthesize all of the information. The two wanted to create a way for multifamily executives to more accurately track trends and data across their entire portfolios, instead of pulling excel sheets and taking all day to run reports.
The goal, according to Rentlytics marketing manager Joe Beaudin, was to create an agnostic platform that owners, operators, and investors could pair with their several data sources for a one-stop shop of business intelligence.
The result is a streamlined dashboard-style platform that ingests data from property management software to put all of a portfolio’s information in one place, from marketing data and revenue data to occupancy rates and delinquencies. Instead of spending all day analyzing the numbers in an excel sheet to find trends, Beaudin says, users can simply see the trends in real-time charts and graphs. The press release about the Series A funding claims some of the most ‘advanced owners and operators’ have adopted the platform since the initial product launch in early 2015.
Now, with Walker & Dunlop’s investment, Rentlytics is looking to expand the number of data sources it can work with so just about anyone in the multifamily space can use their product. However, they also plan to use Walker & Dunlop’s backing to explore products for lenders.
“What we’re seeing is that the different stakeholders across the industry have very similar data needs. We see our technologies as helping organizations to unify and understand historically disparate information,” says Beaudin.