TurnKey Vacation Rentals Secures $3 Million in Seed Financing from Silverton Partners and Industry Angels for Market Expansion
Former executives of Hotwire.com and HomeAway are expanding their technology-enabled vacation rental management service that improves the vacation rental experience for rental owners and guests.
AUSTIN, Texas, June 10, 2014-- Austin-based vacation rental management startup TurnKey Vacation Rentals (TurnKeyVR.com) has raised $3 million in seed funding from Silverton Partners and an impressive group of online travel executives. These include: Rich Barton (co-founder Expedia, Zillow, Benchmark partner), Gregg Brockway (co-founder Hotwire, TripIt, Chairish), Alexis de Belloy (HomeAway, Accel executive in residence), Rob Greyber (President Egencia), Eric Goldreyer (BedandBreakfast.com founder), Joey Levin (CEO IAC Search & Applications), Karl Peterson (co-founder Hotwire, TPG partner), Spencer Rascoff (co-founder Hotwire, CEO Zillow), Russ Sach (Expedia) and Greg Slyngstad (co-founder Expedia, VacationSpot, Kayak board). The new funding brings TurnKey's total seed funding to $4.8 million.
TurnKey empowers owners of vacation rental properties by managing the entire rental process – listing and booking the rental via the major guest sites such as HomeAway/VRBO, AirBnB and TripAdvisor; providing hotel-style rate management; handling guest support; and arranging cleaning and maintenance via mobile apps. Launched last year, TurnKey has grown to almost 200 rentals in three markets (Austin, TX, Port Aransas, TX and Santa Barbara, CA). It plans to use the new funds to launch ten new markets in ski, beach and metro locations.
Bill Wood, the founder of Silverton Partners who is joining TurnKey's board stated, "This management team is unusually deep and experienced and we really like the market because it's an opportunity to apply leading edge technology to an industry that has lagged in technology uptake." TurnKey's co-founder and Chairman John Banczak stated that, "We see a huge opportunity in delivering a better tech-enabled guest and owner solution, combined with lower fees, to this high-growth market." Banczak added that, "Vacation rental homes are valuable income opportunities for millions of owners - and we believe that the owner can maximize their rental opportunity by taking advantage of leading edge technology and best practices." To TurnKey this means that guests need to see a professional online listing, market rates, secure online checkout and receive immediate responses both on the booking side and when they are staying in the property. Co-founder and CEO T.J. Clark stated, "it's a full-time job and most owners either have a full-time job already or don't live close to their rental."
TurnKey's solutions professionalize the management of the owner's vacation rental starting at 10-14% commissions vs. traditional property managers that charge between 20-50% commissions. "We have the analytics and technology platforms to help our owners get more rental nights and often generate 30-50% more revenue than they were before - while we provide the key services and amenities that guests would expect from a luxury hotel" stated Clark. "We drive cost out of the rental process while increasing the quality of service - to offer an experience that's better for everyone." TurnKey will reach more of these owners by expanding their service to many new markets over the next year.
About Silverton Partners:
Silverton Partners is an early stage venture capital firm based in Austin, Texas. Silverton collaborates with exceptional entrepreneurs who are committed to attacking growth markets with proprietary products or services. The principals of Silverton Partners have over five decades of venture experience, having been the start-up investors in Tivoli Systems (IPO), Silicon Labs (IPO), Motive Communications (IPO), Waveset (acquired by Sun Microsystems) and BlackLocus (acquired by The Home Depot). More information on Silverton Partners can be found at www.silvertonpartners.com.
About TurnKey Vacation Rentals:
TurnKey was founded by a team that loves vacation rentals. TurnKey is led by Executive Chairman John Banczak (HomeAway, BedandBreakfast.com, Hotwire), CEO T.J. Clark (Hotwire, IAC, CEO Limos.com) and VP of Engineering Doug Squires (HomeAway, BnB.com). We thought that the experience of booking and staying at a short-term rental should be better than a hotel. We feel the best way to grow the vacation rental market is to improve the homeowner and guest experience with better, less expensive management tools for owners, and a more consistent, easier to use vacation rental experience for consumers. Our mission is to provide the best and most value-conscious management experience for our homeowners and a luxury hotel experience for our guests that keeps them returning year after year.
Please visit us at TurnKeyVR.com
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