PropTech Startup Tour24 Closes $5.6M Series A
An essential part of centralized leasing; 78% of renters prefer using Tour24 over a live agent
Medfield, MA – April 5, 2022 – Tour24®, creator of self-guided tours for the home rental industry, closed its $5.6M Series A on March 25, 2022. Tour24 was the first to introduce the sector’s on-demand mobile app to open doors and provide in-person self-guided tours of apartment communities. Recognized by Commercial Property Executive’s Distinguished Achievement Award for Best Technology: Gold, Tour24 has seen a 290% increase in active units since July 2020 and 160% year over year revenue growth.
Founded in July of 2020, Tour24 emerged as a contactless solution during the pandemic in 2020 and 2021 when leasing offices were operating on a limited basis. Today, leasing offices are open, but hiring constraints exist. Tour24 fills the gap with self-guided leasing tours, offering after-hours and weekend tours to prospective renters. Tour24 surveys show that 36% of tours occur after hours when leasing offices are closed and 78% of prospects surveyed prefer using Tour24 over a live agent. According to Founder Georgianna W. Oliver, “Self-guided tours are being embraced as an essential part of centralized leasing to tackle today’s staffing challenges and provide renter flexibility.”
Middleburg Communities leads the funding round and unites their experience as a Tour24 client with their new status as an investment partner. Led by Founder and CEO Chris Finlay, who said, “With Tour24 we have an endless capacity to show apartments outside of business hours – a true competitive edge.” Finlay adds, “On one hand, we are leasing faster, and renters are delighted. On the other hand, our residents and team benefit from the additional time and attention.” Finlay explained that the decision to invest in Tour24 was natural. “We believe that when our customers win, we win. It’s just that simple.”
In addition to Middleburg Communities, Tour24 welcomes Miami-based LAB Ventures, a PropTech-focused VC Fund and Startup Studio dedicated to accelerating early-stage real estate companies as a new investment partner in this Series A fundraise. “Tour24 is the preferred self-guided tour provider for many of the nation’s largest multifamily operators. Led and founded by Georgianna W. Oliver, a repeat entrepreneur with two significant prior exits in Multifamily PropTech,” said LAB Ventures’ CEO Tigre Wenrich. Wenrich added, “Georgianna is incredibly well connected in the multifamily world and has been able to quickly generate sales traction in a notoriously difficult market to penetrate.”
About LAB Ventures
LAB Ventures works strategically with early stage PropTech startups and investors from the Real Estate and Construction industries providing them access to capital, corporate development, customers, innovation and outsized returns through venture capital investments. For more information, visit https://labventures.co
About Middleburg Communities
Middleburg Communities is a fully integrated multifamily development, investment, construction and management company operating in the southeastern and mid-Atlantic United States. Since 2004, Middleburg has acquired and developed approximately 22,000 apartment units, and executed over $3 billion in transactions. Middleburg embraces people, property, and partnerships to enhance the lives of others, contribute positively to its neighborhoods and maximize real returns for partners. For more information, visit https://MiddleburgCommunities.com.
Tour24 is the award-winning platform for self-guided tours that empowers communities and helps future renters easily find a home on their own. Built by innovators in multifamily, Tour24 is the only provider of a truly self-guided experience that incorporates audio and visual support. Combining its transformative technology with key industry integrations, including smart home and secure verification capabilities, Tour24 is the most comprehensive solution on the market. Led by a high-caliber team of industry experts, Tour24 focuses on delivering more traffic, more tours and ultimately more leases. For more information, visit https://www.tour24.io.
Contact: Mary Herrold
Communications at Tour24