Hemlane, a new-age property management solution that combines technology with local agents, announced that it has secured $2.5 million in a Series Seed financing round. Prudence Holdings, an original investor in Compass, Morty and Properly, led the round with participation from Aglaé Ventures, Stanford-StartX Fund and several technology entrepreneurs including Thumbtack Founder Marco Zappacosta and Vouch Insurance Founder Sam Hodges.
Headquartered in San Francisco and founded by Dana Dunford and Frank Liu, Hemlane has redesigned property management using a combination of software and local brokerages.
Dana Dunford, Co-Founder and CEO of Hemlane, says:
"Over 72 percent of rentals are not run by management companies. The majority of the market doesn't want that. Our platform provides an opportunity for rental owners to select their level of involvement and connect with third party agents and brokers for everything else. We offer something that has never existed in the market. The combination of lower cost, transparency and flexibility is exactly what property owners continue to tell me they want, and we listen closely to our customers."
Hemlane offers two packages, a software only and a software plus service package. The software automates all administrative tasks, including advertising rentals to the top 30 listing websites, scheduling property showings, performing tenant screening, completing leases, collecting rent, initiating automatic late fees, and coordinating maintenance requests. The service package connects owners with local agents and 24/7 maintenance coordinators. To help build the services network, leasing agents and managers using Hemlane's software connect with newly registered rental owners on the platform.
Daniel Gillette, a current customer who is based in Utah, says:
"We were very impressed at how well it worked. We recently moved two more properties from Illinois and two from Tennessee onto Hemlane."
Hemlane's software platform was ranked as a leader on Gartner's 2019 FrontRunners list. The company has scaled to over 5,000 properties and processed over $50 million in rental payments in the past six months alone.
Gavin Myers, Co-Founder and General Partner at Prudence Holdings, says:
"We are thrilled about our Seed investment into Hemlane. Residential property management is an enormous sector that has yet to be improved by technology. Not only was I impressed with Dana and Frank's solution but I have personally dealt with the traditional property management industry and understand well the high cost and low transparency that persists."
Hemlane has rental properties in all 50 States and currently serves property owners and managers that have as few as one property to hundreds of properties. Hemlane is the exclusive property management partner to the California Association of Realtors (CAR) and partner to Roofstock.
Edited by V. Haviland
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