TurnKey Vacation Rentals raises millions to expand
Jun 16, 2014
Austin Business Journal
TurnKey Vacation Rentals LLC has completed a $3 million seed funding.
The Austin-based company, which developed a rental property management application, disclosed that it received the financing from Silverton Partners and angel investors. It plans to use the capital to launch 10 new markets in ski, beach and metropolitan locations, according to a Tuesday news release.
In August 2013, TurnKey Vacation Rentals reported raising $1.5 million of a planned $1.9 million round of seed funding from 27 investors, according to a filing with the U.S. Securities and Exchange Commission.
At that time, the Austin Business Journal reported that entrepreneur TJ Clark had launched an online tool designed to enable vacation home rental operators to manage their properties. Clark, the former CEO of San Francisco-based Limos.com Inc., founded in 2012 TurnKey Vacation Rentals — which began operating in January 2013.
He founded the company with former HomeAway Inc. (Nasdaq: AWAY) executive John Banczak to launch in new markets outside Austin by the end of the year. TurnKey has since grown to almost 200 rentals in three markets — Austin, Port Aransas and Santa Barbara, Calif., according to the news release.