ApartmentIQ Secures $25M Follow-On Funding Round

Multifamily data company ApartmentIQ announced Tuesday that it has secured a $25 million follow-on funding round.

Susquehanna Growth Equity (SGE) funded the follow-on after leading ApartmentIQ’s $22.5 million Series B financing in 2021, when the company was known as Rentable, a large national apartment marketplace.

ApartmentIQ — which now bills itself as a real-time market intelligence, revenue management and AI platform for the multifamily sector — also announced that it had surpassed 8 million units in its customer base.

“We are taking the data that powers our market survey platform we’ve been collecting and adding additional products,” said Alec Slocum, co-founder and CEO of ApartmentIQ about the follow-on founding round’s timing. “There’s two additional products that we’ve launched in the last nine months based on that same data. We call the first one Explore Pro, which is a market research tool used by acquisitions asset management teams to figure out where they should buy, build and redevelop. The second product we’ve launched is called Daylight. It’s a revenue management tool that’s powered by the public data that we’ve collected.”

Both products are currently tracking to surpass 1 million customer units in their first year.

The SGE capital also triggered the launch of MavenAI, ApartmentIQ’s multifamily marketing agent, which represents the company’s first major step into agentic AI. MavenAI uses software to uncover insights and take action on behalf of operators, according to the company.

In addition, the SGE funding will be used for continued hiring across ApartmentIQ’s engineering, data, product, and go-to-market teams.

“The big headline for us in the agentic world is that there’s a lot of agentic companies coming together,” said Slocum. “Maven automates the marketing actions customers want to take and sits on top of the data from ApartmentIQ, but it integrates with their property management software. It uses AI to write posts that go to their social page and Google Business page. It also uses AI to update the pricing and availability. And, so, increasingly, we see an opportunity to drive insights using large language models from our data, and then also to take action for customers using agentic workflows from that data itself.”

ApartmentIQ’s core market survey platform supports 1,500 portfolios and 70 percent of the National Multifamily Housing Council (NMHC) Top 50.

“Since our initial investment, Alec and his team have consistently translated product innovation  into meaningful adoption across the multifamily industry as AI tools take hold,” Josh Elser, managing director at SGE, said in a statement. “The company’s expansion and effective  utilization of AI to provide real-time market intelligence, revenue management and marketing  automation reflects a platform that is both broadening its capabilities and becoming increasingly critical for operators and owners. We are pleased to continue supporting ApartmentIQ as it scales into its next phase of growth.”

Although further funding for ApartmentIQ is not in the foreseeable future, the company expects to increase its current 135-employee headcount and add new products through 2026, said Slocum.

“We’re growing this year, we will increase our employee base by about 50 percent and intend to continue to grow that,” he said. “We are a profitable company, so this is not the type of thing where you have to raise money to keep going. Mostly, we’re going to be investing into continuing to grow out the data offerings we have. In fact, we have two data offerings that we anticipate launching in Q3. And then we’re going to be investing into the agentic workflows that should sit on top of that data as well.”

Philip Russo can be reached at prusso@commercialobserver.com.