Sydney proptech RentBetter has raised $5 million from local VC EVP to expand its property management platform for landlords who manage their own rentals.
CEO Jeremy Goldschmidt, previously been a management consultant for Boston Consulting Group, Capgemini, Blackdot and IBM, founded RentBetter in 2016 as a bit of a ‘side hustle’ while working at ANZ.
The veteran proptech previously raised $3.2 million, including a $1.9m Series A in January 2022.
The new capital if for new hires and developing AI tools to automate tasks such as finding tenants, managing tenancy documents, tracking rent and handling compliance.
EVP partner Justin Lipman will join as a director.
RentBetter lets property owners advertise rentals, screen applicants against tenancy databases, sign leases, coordinate repairs and track income and expenses.
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Goldschmidt built the first version to manage his own investment property after questioning the value of paying an agent.
“I started this business out of sheer frustration with the way the current property management model works, and felt like I was not getting value for money with an agent,” he said.
He did not disclose its valuation, revenue or growth figures.
Goldschmidt said the business is profitable and didn’t need to raise, but he wanted to accelerate expansion.
“We chose to because we wanted a partner with experience scaling software businesses, and because the opportunity is bigger than we can fund from cashflow alone.”
RentBetter estimates between 600,000 and 700,000 Australian investment properties are self-managed, with many owners relying on spreadsheets and bank transfers. It puts traditional property management fees at 5–10% of annual rent.
Lipman said customer feedback helped convince the firm to invest.
“Owner after owner told us the platform did more than the agent it replaced, and the money they were saving was significant,” he said.
“Tax changes, rising regulatory complexity and a generation of investors who expect to run their finances from their phone are all pushing landlords in the same direction, and RentBetter is where they land.”
NOW WATCH: Startup Daily TV: RentBetter is disrupting property rental
Sydney proptech RentBetter has raised $5 million from local VC EVP to expand its property management platform for landlords who manage their own rentals.
CEO Jeremy Goldschmidt, previously been a management consultant for Boston Consulting Group, Capgemini, Blackdot and IBM, founded RentBetter in 2016 as a bit of a ‘side hustle’ while working at ANZ.
The veteran proptech previously raised $3.2 million, including a $1.9m Series A in January 2022.
The new capital if for new hires and developing AI tools to automate tasks such as finding tenants, managing tenancy documents, tracking rent and handling compliance.
EVP partner Justin Lipman will join as a director.
RentBetter lets property owners advertise rentals, screen applicants against tenancy databases, sign leases, coordinate repairs and track income and expenses.
Get the best of Startup Daily straight to your inbox
By continuing, you agree to our Terms & Conditions and Privacy Policy.
Goldschmidt built the first version to manage his own investment property after questioning the value of paying an agent.
“I started this business out of sheer frustration with the way the current property management model works, and felt like I was not getting value for money with an agent,” he said.
He did not disclose its valuation, revenue or growth figures.
Goldschmidt said the business is profitable and didn’t need to raise, but he wanted to accelerate expansion.
“We chose to because we wanted a partner with experience scaling software businesses, and because the opportunity is bigger than we can fund from cashflow alone.”
RentBetter estimates between 600,000 and 700,000 Australian investment properties are self-managed, with many owners relying on spreadsheets and bank transfers. It puts traditional property management fees at 5–10% of annual rent.
Lipman said customer feedback helped convince the firm to invest.
“Owner after owner told us the platform did more than the agent it replaced, and the money they were saving was significant,” he said.
“Tax changes, rising regulatory complexity and a generation of investors who expect to run their finances from their phone are all pushing landlords in the same direction, and RentBetter is where they land.”
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