Avail Raises Additional $2.5 Million to Help Do-It-Yourself (DIY) Landlords and Tenants Simplify the Rental Process
• Avail helps landlords make property management easier by bringing everything they need together in one place.
• The size of the market: There are 8 million independent landlords renting out 24 million units across the U.S.
• The growth story: Over the past 18 months, in addition to quadrupling revenue, Avail now has over 100,000 landlords and over 230,000 tenants using the platform.
Avail (formerly Rentalutions), the first and only end-to-end online platform that streamlines the rental process for do-it-yourself (DIY) landlords and their tenants, today announced a $2.5 million funding round to accelerate the continued growth of its online platform. The latest capital infusion, which brings the total funding raised to date to $5.4 million, was led by Cultivation Capital, a St. Louis-based venture capital firm.
The funding comes on the heels of a period of significant growth for Avail. Over the past 18 months, Avail has increased revenue four-fold, quadrupled the number of landlords and more than doubled the number of tenants using the online platform. Avail will also use the new round of funding to continue growing its community of landlords and tenants, specifically by expanding existing resources and teams that impact signups, demand generation, and platform growth.
Founded in 2012 by Laurence Jankelow and Ryan Coon, the Chicago, Illinois-based Avail provides tools, education, and support for DIY landlords and their tenants to make renting easy. Avail is the first and only online platform for independent landlords and their tenants that provides the tools, education, and support to make renting easy. Landlords across the U.S. use Avail to advertise vacant units, request rental applications and credit reports, sign leases, and collect rent — all online.
“There are 8 million independent landlords leasing 24 million units across the U.S. and they lack the experience, knowledge, and tools necessary to make the rental process easy and efficient for themselves and their tenants,” said Ryan Coon, CEO of Avail. “This round will help us connect with even more landlords and their tenants so they can continue benefiting from our community.”
Avail provides the tools, education, and support needed to save landlords and their tenants time and money during the rental process. For landlords, Avail brings together everything DIY landlords need into one mobile and online platform so they can more easily and efficiently manage properties, including marketing, applicant screening, state- and city-specific lease agreements, payment processing, and maintenance request tracking. For tenants, Avail offers an easy way to apply to rentals, sign leases, pay rent, and submit maintenance requests – all online or from their mobile device.
“We’ve enjoyed being a part of the Avail success story from the very beginning and fully support their decision to raise funds strategically,” said Cliff Holekamp, General Partner at Cultivation Capital. “We are excited to be a part of the continued growth of Avail in the rental industry.”