Lula, a smart property maintenance platform for multifamily and single-family rental owners, has closed a $3 million funding round led by RET Ventures, a leading proptech-focused venture capital firm.
Headquartered in Kansas City, Missouri, Lula is a technology platform that streamlines the maintenance process for property managers and residents. Integrating with major property management software solutions, it allows for maintenance coordinators and residents to easily submit maintenance requests. Once evaluated, the requests then can be dispatched to an on-site maintenance team member or a member of Lula’s large network of contractors. According to the firm, the platform can reduce time spent on maintenance by nearly 60%.
Lula provides real-time updates, photos, and service notes to all parties throughout the process, which helps to improve the resident experience, eliminate the need for multiple vendors, and reduce costs.
“While today’s rental market features technology to manage everything from leasing to amenities and rental payments, the process of requesting property maintenance work and liaising with external vendors remains largely dependent on antiquated, inefficient systems. Lula is specifically designed to help both single-family and multifamily operators propel this outdated work process into the 21st century,” said Lula founder and CEO Bo Lais. “We are extremely excited to have the backing of an accomplished and thoughtful partner like RET Ventures, as they will play a critical role in introducing our unique solution to many of the country’s largest single-family and multifamily operators in the months and years to come.”
Currently, Lula is used in more than 40,000 rental units in 10 markets, including Atlanta, Denver, Houston, and Kansas City. The proptech company has formed partnerships with numerous owners, investors, and property managers, including Pathlight Property Management, Asset Management Group, FirstKey Homes, and HomeRiver Group.
The proceeds from the fundraise will help continue to grow the platform, expand staff, and move into new markets.
“Property management has long been one of the most costly and labor-intensive aspects of operating a rental home. Our strategic investors have expressed a strong desire for a solution capable of streamlining and modernizing this antiquated process, and we believe Lula represents the most impactful solution on the market,” said Aaron Ru, vice president of RET Ventures, which focuses on building cutting-edge technology for multifamily and single-family rental real estate. “The platform has already attracted dozens of major owner-operators in the single-family rental market, which has been experiencing rapid growth and is poised for even more expansion in the coming years.”
While Lula turned profitable in 2021, the company realized it needed a capital infusion and a larger team to roll out the product in a quicker timeframe.
“Although several companies are taking a similar tack to improving real estate maintenance, we’re proud of the unique approach, technology, and user experience we’ve developed,” added Lais. “Based on client feedback, the Lula platform is unrivaled when it comes to coordinating ongoing work orders at single-family and multifamily properties, and we’re eager to scale our growth and streamline maintenance operations for a growing group of residential operators across the country.”