Following its merger with Lancaster-based SlateHouse Property Management and Realty last year, real estate and property management technology platform Home365 announced a $26 million Series B funding round.
The funding, led by international venture capital fund Viola Growth Ventures, includes a series of investors including Gatewood Capital, Verizon Ventures and Samsung Next.
This is the largest funding round for a company headquartered in south-central Pennsylvania in history, Home365 wrote in a statement.
Home365 manages over $1.5 billion in investments across 7,000 properties in 17 cities and seven states. The company manages this portfolio using an artificial intelligence technology platform that automates the process of managing and maintaining properties.
It operates a technology headquarters in Tel Aviv, Israel; a strategic headquarters in Santa Clara; and an operational and growth headquarters in Lancaster. The Lancaster headquarters is the company’s largest with 45 in-house employees.
The recently announced $26 million funding round will be used to bolster the functionality of Home365’s investment and management platform and help the company expand into new cities, including Chicago, Seattle, Phoenix and more. ‘others.
“Home365 has provided an elegant technology solution to a traditional property management industry that meets the needs of tenants and landlords for capabilities long granted to large investors and institutions.” said Rafi Carmeli, general partner of Viola Growth.
The company significantly expanded the properties it manages last June when it merged with SlateHouse Property Management in Lancaster. It continued to grow rapidly during this time, adding 100 to 300 units to its portfolio each month.
This most recent funding round is the third for Home365, the last being a $16.3 million funding round that was announced the same month as the SlateHouse merger. This round was led by Greensoil PropTech Ventures.
“When we merged, we took this great technology platform and culture and combined it with the culture of SlateHouse Management to create a combined company that is now growing very rapidly,” said Chad Gallagher, chief investment officer and of growth at Home365 and former co-founder of SlateHouse. “We brought a lot of real estate and large-scale investing experience.”
Gallagher said that before joining Home365, SlateHouse licensed the technology it used to manage properties. Now, with Home365’s in-house technology, it’s possible to modify that technology to meet the needs of the property management space.
Home365 is looking to accelerate its mobile app-based technology platform for landlords and tenants using the new funding. It will also seek to hire high caliber real estate talent across the country.
“Our DNA as a company as well as our software is tied to managing people’s money and achieving their financial goals,” said Daniel Shaked, Founder and CEO of Home365. “Our model appeals not only to professional investors who embrace peace of mind, but more importantly to a new market segment of people who want to diversify their money into real estate without the hassles associated with home ownership.”