Turnkey secures $48M and announces millionth customer milestone

Texas-based luxury and premium vacation property management company, Turnkey Vacation Rentals, has recently announced that it has raised $48 million in a new funding round.

The investment was led by current investor Altos Ventures, with participation from existing investors Adams Street Partners, Greenspring Associates and Harmony Partners.

Since its founding in 2013, TurnKey has raised $120 million

TurnKey provides its proprietary technology to its properties, including digital smart locks, a housekeeping scheduling and management system, noise decibel monitors and its “HomeDroid” tablet that provides information about the home and surrounding area for guests.

"This investment in TurnKey highlights our deepening conviction that technology is the key to driving quality and efficiency in vacation rental management," says Anthony Lee, Managing Director at Altos Ventures.

This year TurnKey says it will hit several milestones, including hosting its one millionth guest, surpassing 5,000 homes on the platform and more than $400 million in gross checkout value.

“This is our largest funding round ever and the third time our current investors have led the effort,” says TurnKey Co-Founder, Chairman and CEO John Banczak. “TurnKey will hit the million-guest milestone this year, delivering industry-leading hospitality on the most sophisticated technology platform in the business. We’re grateful for our investors’ continued confidence as we deliver the smarter way to vacation rental."

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