Property Management Platform Hemlane Raises $9M Series A
Round was co-led by Asymmetric Capital Partners and Prudence, with participation from Aglaé Ventures and State Farm Ventures
To take aim at the property management and leasing needs of the growing cohort of small, remote-operated multifamily and single-family rental owners, Hemlane has raised a $9 million Series A round, it announced Tuesday.
Hemlane leverages software, a tech-enabled operations team and a local marketplace of brokerages to provide landlords with flexibility in managing their assets from anywhere in the world, according to the company’s funding announcement.
“We basically came to market with a new category in the industry: flexible property management that was remote-enabled,” said Dana Dunford, CEO and co-founder of San Francisco-based Hemlane. “In other words, you can sit in New York, you could have property in Florida and you can manage it behind your computer.”
Among the features of Hemlane’s remote property management and leasing platform is advertising the rental properties on multiple listing websites, collecting rent and automatically paying fees, said Dunford. The company’s average customer has eight properties, she said.
“We have a marketplace of local agents who can help show the rental property, move in tenants and do annual inspections,” she said. “We have driven that and growth through partnerships. We’re the property management partner for California Association of Realtors and Georgia Association of Realtors, and we just signed Florida Association of Realtors. We also are the partner for RE/MAX and Keller Williams. We tap into their network of agents who are local, licensed and understand real estate to help, and then we go the last extra mile with a tech-enabled operations team.”
Founded in 2016, Hemlane operates 14,000 rentals in all 50 states, according to the company.
“Hemlane is defining and leading a new category in remote property management, enabling the full suite of features landlords crave at a price point unmatched by other full-service solutions across the industry” Sam Clayman, a partner at Asymmetric and a board member at Hemlane, said in a statement. “Their platform approach, core product quality and efficiency of customer acquisition and retention create true differentiation in a crowded market.
Rated No. 1 in property management by tech consultancy and research company Gartner last year, Hemlane is processing nearly $200 million in annualized payments and plans to use its latest funds to sign more partnerships and expand services.
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