TurnoverBnB, a Honolulu-based rental cleaning startup, has closed a $4.5 million Series A funding round to continue helping vacation rental operators manage the cleaning of their properties.
The funding round was led by proptech-focused firm RET Ventures and counted with the participation of Hawaii-based accelerator Blue Startups. Since being founded in 2016, TurnoverBnB has run 2 other funding rounds which raised an undisclosed amount. Aaron Ru, vice president at RET Ventures, referred to the VC firm’s participation by stating:
“The potential for a marketplace like the one curated by TurnoverBnB is significant, especially as the company scales to provide more offerings directed toward the residential space. Over the course of the past year, the single-family rental market has experienced significant growth, and there is a tremendous opportunity for technologies that support SFR portfolio operations. TurnoverBnB is perfectly poised to enter this emerging sector, opening the platform up for use by both mom-and-pop SFR owners as well as institutional players.”
With the tourism industry continuing to reopen after having suffered from months of crisis as a result of the COVID19 pandemic, the startup has seen its revenue triple since early 2021. Now, the company is planning to expand its international presence from Canada and the United States to Europe and Australia, using the new funding for this purpose. Assaf Karmon, CEO and co-founder of TurnoverBnB, referred to the increase in demand for short-term rental properties by stating:
“Even as COVID restrictions are rolled back and travel surges, health concerns remain, which has driven many travelers toward vacation rentals in lieu of conventional travel accommodations. With the supply of short-term rental units having trouble keeping up with demand, services like ours — which enable faster turnover of these units — are particularly timely, and we anticipate significant growth in the months ahead.”
The rental cleaning startup is also aiming to expand its services from offering cleaning services to vacation rental operators to single-family rental and multifamily properties over the next months.
