Austin’s TurnKey Vacation Rentals books an additional $31 million for expansion

The Austin-based vacation rental firm will use the money to break into new markets and develop new technology.

Posted March 12th, 2018

For TurnKey Vacation Rentals, raising money in March has become an annual event.

In March 2016, the Austin-based company announced it had landed a $10 million investment.

Last March, the company brought in an additional $21 million.

And on Monday, TurnKey announced a new $31 million investment, which it will use to expand its vacation rental property management service.

The lead investor in the deal was Adams Street Partners, with participation from Altos Ventures and institutional investors. The company has raised a total of $72 million since its founding in 2013.

TurnKey provides an automated service that handles the process of renting out a vacation home, from marketing it on sites like HomeAway and Airbnb to sending a cleaning service when guests leave.

The company will use the funding to expand into new beach, mountain and urban markets and to accelerate development of its mobile technology platform.

“Today, the hotel industry has a high percentage of bookings going through a few major brands that consumers trust,” said T.J. Clark, TurnKey co-founder and CEO. “Homeowners and travelers are looking for a brand they can trust to deliver consistency and quality in vacation rentals as well, and this is what TurnKey provides.”

MORE: When Harvey hit, TurnKey Vacation Rentals headed to Port Aransas.

Clark co-founded TurnKey with John Banczak, a former HomeAway executive who is now TurnKey’s executive chairman.

TurnKey is in 55 markets, most of them popular tourist destinations such as Aspen, Colo., Palm Springs, Calif., Jackson Hole, Wyo. and Fort Lauderdale. It also offers services in a handful of larger metro areas such as Austin and Seattle.

The company has 3,500 properties under its management.

TurnKey’s service includes setting a rate, promoting the home on vacation rental sites, responding to guest inquiries and handling reservations.

When a property is booked, TurnKey oversees the visit, including check-ins, cleaning and maintenance. The company’s technology platform integrates its smart locks, decibel monitors and housekeeping schedule.

Guests check in using a digital lock that doesn’t require a key, and they download a mobile app to get property information and to reach TurnKey staff.

TurnKey competes with traditional property management firms.

The company has 375 employees, including 160 in Austin.