New Proptech Company Renew Launches With $8M in Seed Funding

Renew, a new proptech company that looks to automate and optimize resident tenant renewals, announced its launch and more than $8 million in seed funding.

“Major investors in Renew include Upfront Ventures, Goldcrest Capital, Allen & Company LLC and Walkabout Ventures,” the company said in a press release. “RXR and top executives from WC Smith, two companies that develop, own and operate apartment communities, are also key investors.”

Renew says that its board of advisors includes the chief marketing officers of WC Smith and KETTLER and a senior vice president of operations at Imagine Homes Management.

Renewals are critical in multifamily and analogous to any business having repeat customers with higher lifetime values. There is a tradeoff between renewals and new tenants who might enter at a higher rent, but there are also the costs of inspection, repair, rehab, and non-leased time of a unit.

Renew says that its software integrated with leading property management systems and “provides operators with a centralized renewal tool and retention strategy while interacting with residents to help them more easily navigate the renewal process.” It automates contacts with tenants in advance of renewal time, can use dynamic pricing, and “leverages insights to create a curated resident experience.” The company claims that use of their software increases renewals and results in faster renewal decisions, allowing a multifamily operator to plan more effectively.

“Renew has had a powerfully beneficial impact on our communities,” the release quoted Cindy Fisher, president of KETTLER, as saying. “During our pilot project, we were able to reduce the workload of our onsite associates, increase resident engagement during the renewal process and speed up the time to a renewal decision. At the same time, we were able to assess residents’ likeliness of renewal and to gather actionable insights into the reasons why they moved out. We view Renew as a key product within our centralization strategy.”

“Renew’s dynamic pricing gives me another powerful tool to incentivize residents to make decisions quickly,” said Tyler Billings, director of revenue and marketing at Hamilton Point Investments, in the release. “By offering time-based early bird pricing, I can reward residents who renew quickly, and the improvement in renewal speed helps me forecast occupancy and set pricing more efficiently, while also adding revenue from residents who do not meet their deadlines. This product alone has given me a 140% return on my investment in Renew and is a big reason we have implemented the product across our entire portfolio.”