California, the U.S.-based digital marketplace platform for single-family rental (SFR) investments Roofstock announced the acquisition of Rentprep. The company finalized the purchase on August 4, 2022. However, the financial details pertaining to the transaction as of yet remain undisclosed.

Rentprep is a New York, U.S-based tenant screening company.

Purpose of the acquisition by Roofstock

With the latest purchase, Roofstock intends to leverage the RentPrep service in order to improve upon the tedious and time-consuming process of tenant screening. 

Since over 100,000 landlords use RentPrep’s platform, it will enable the company to offer digital tenant screening to landlords and property managers. Further, it enables compliance with the Fair Credit Reporting Act (FCRA). Moreover, RentPrep can build on Roofstock’s stack of tech-enabled services for real estate investors. This, in turn, can make Roofstock a trustworthy one-stop shop for SFR investors.

What the Roofstock founder has to say

Gary Beasley, CEO and co-founder of Roofstock, said, “RentPrep has digitized the tenant screening process to finally offer a technology solution in a space that has been desperately lacking innovation. The company is a natural fit for Roofstock as we continue to expand our platform to deliver best-in-class solutions for investors across all phases of the property ownership lifecycle.”

What the Rentprep founder has to say

Steve White, CEO and founder of RentPrep, said, “Roofstock has a proven track record for making real estate investing simple, accessible, and completely digital, which is critical in today’s fast-paced market. We’re excited to join Gary and his team to build on the company’s recent momentum and to continue empowering property owners to place new tenants with confidence.”

About Roofstock 

Devin Wade, Gary Beasley, Rich Ford, and Gregor Watson launched the company in May 2015. It caters as a digital platform for buying, selling, and managing single-family rental (SFR) investments. Earlier, the company acquired Stessa and Great Jones. Since its inception, the firm has raised over USD 400 million. The financing came from investors such as Khosla Ventures, Bain Capital Ventures, Lightspeed Venture Partners, Canvas Ventures, SVB Capital and SoftBank Vision Fund 2. In its Series E funding, Roofstock raised USD 240 million. Its valuation back then stood at USD 2 billion. The company has facilitated over USD 5 billion in volume transactions via its platform. The transactions include both individual investor transactions as well as giant portfolio transactions by institutional owners in the space.

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Jasleen Bhatia works as a content writer for VCBay News. She is pursuing her final semester in Bachelor of Business Administration from IIPS, DAVV. Driven by her keen interest in entrepreneurship and finance, she writes business-related articles.


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