Chicago, USA-based, the first advanced tenant screening solution designed specifically for workforce and affordable housing, Rent Butter closed its seed round with USD 3 million in funding. The company announced the closure on August 31, 2023. An industry-backed venture fund dedicated to single and multi-family real estate technology, RET Ventures led the financing for the company.
Purpose of financing for Rent Butter
With the latest proceeds from the seed round, Rent Butter has plans to expand its product offering. It also seeks to diversify its customer base into conventional Class A and B multi-family and single-family rentals in 2023.
What the company’s official has to add
Tom Raleigh, Co-Founder and CEO of Rent Butter, said, “When founding Rent Butter, our main goal was to create an alternative to the antiquated tenant screening process and to empower property owners with a more dynamic, complete picture of an applicant’s financial status and history – reducing turnover and at the same time opening the door for potential renters who may have otherwise been turned away. As we continue to grow our customer base, we’re thrilled to have a partner like RET Ventures who understands our mission and is so deeply entrenched in the industry. This investment will allow us to expand our team and continue to refine our product and integration capabilities.”
In addition, Chris Rankin, Co-Founder and CTO of Rent Butter, said, “As we continue our national expansion, I’m looking forward to arming even more multi-family owners with the insights needed to make the most informed assessments while giving prospective tenants credit for their overall financial behaviour. With the support of the incredible team at RET Ventures, I am confident that we can help create a more equitable future for the real estate industry.”
What the investors have to comment
Aaron Ru, Principal at RET Ventures, further said, “Rent Butter’s approach to the tenant screening process aligns perfectly with the mission of our Housing Impact Fund, and its ability to improve both the owner and resident experience makes it an ideal investment for us. The platform’s in-depth financial reporting methods, coupled with its easy-to-use interface, deliver instant value to owners looking to enhance their leasing operations and to renters who may be struggling to find housing. Just two years after its founding, Rent Butter has already made significant strides in product development and market penetration, and we look forward to backing them as they enter this next phase of growth.”
About the company
Chris Rankin and Tom Raleigh launched the company in 2021. Rent Butter intends to help owners and operators of workforce and affordable housing communities better assess risk when screening potential residents. The workforce housing industry includes multi-family, single-family as well as manufactured housing.
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