The funds will be used for further expansion of the sales and service coordination team, to meet current and future demand.
Property Management Startup Tenantcube, raises 250K USD in pre-seed funding round from strategic investors. These include names like Archana Priyadharshini of PointOne Capital, Ashish Sharma of Innoven Capital, and Rob K. Dawson of Vensuris Group of Companies. Existing investors are Girish Mathrubootham of Freshworks and Arvind Parthiban of SuperOps.ai, who are huge players in the Indian VC ecosystem.
The funds will be used for further expansion of the sales and service coordination team, to meet current and future demand. The launch of the beta version of Tenantcube’s property management platform attracted a large number of landlords and property managers across North America, and the growth of a customer support team is intended to open further opportunities.
Tenantcube has raised funds strategically from Angel Investors in Canada who are landlords and property managers. These investors alone manage around 15,000 units/doors and will be moved into Tenantcube. The market potential is said to be around $2.6 Billion.
Andrews Moses, CEO, Tenantcube said, “We are thrilled to serve customers who love our product so much that they are willing to invest in the company and grow along with us. Our goal has always been to bring cutting-edge technology to every landlord, small or big. We will work towards that goal, with the support of our investors and partners.”
Mihir Jha, Managing Partner at PointOne Capital, one of Tenantcube’s earliest investors, said, “Proptech is booming at the moment, as the industry has woken up to the possibilities of technology in residential real estate. The team at Tenantcube is led by ex-Freshworks and ex-Zoho executives and is young and enthusiastic. They have built an impressive product in a very short period of time, and we’re proud to be backing them.”
Property management across the world is becoming increasingly open to technology, especially as digitalization is helping property owners make more money doing less. More real estate companies are investing in solutions that focus more on streamlining the tenant experience and improving operational efficiency. The majorities of these software solutions are only intended for investors managing over 200 properties, and largely ignore smaller landlords and property managers. This overlooked segment of mid-sized rental businesses that Tenantcube is currently serving is estimated to be worth over $2.6 Billion in North America alone.
The Indian real estate sector is larger, and traditionally slower to adapt to new technology. However, recent times have proved how efficiently properties could be managed, if done virtually. Proptech is thus becoming the need of the hour, with more and more property owners looking for AI-based solutions that would empower them to automate every facet of their business. Tenantcube is working towards serving the Indian market as well through partner companies.
Source: Business World