Austin’s TurnKey Vacation Rentals Lands $31 Million in Funding

TurnKey courtesy photo

TurnKey Vacation Rentals, one of the nation’s largest vacation rental management companies, recently announced it has received $31 million in funding.

The Austin-based startup received the funding from Adam Street Partners which led the Series D round along with participation from existing investors including Altos Ventures and two new institutional investors.

To date, the company has raised $72 million in funding since its founding. It reports it now provides full-service property management to more than 3,500 premier vacation rental homes in the top U.S. travel markets. At the end of 2017, Turnkey had 350 employees, including 160 Austin-based employees, up from 221 and 80 in 2016, respectively. The company also appointed Jen Ford, former HomeAway finance executive, as the chief financial officer.

“TurnKey is exceptional in that their rapid growth has been organic, as opposed to growing through acquisitions,” Jeff Diehl, managing partner and head of investments at Adams Street Partners, said in a news release. “This is a seasoned online travel management team that knows how to scale and execute with precision in the $100 billion vacation rental industry. Our additional investment demonstrates our belief in the promise of the TurnKey brand, its leadership and its model.”

TurnKey handles all of the nitty-gritty details of renting out a home to visitors using smart home technology and local employees. It has a proprietary technology management platform that uses smart locks, decibel monitors and more to automate tasks related to renting a property.

“At TurnKey, we’ve doubled our growth each year since 2013, while expanding into 55 top markets across the U.S.,” T.J. Clark, TurnKey co-founder and CEO, said in a news release.

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