BOSTON--(BUSINESS WIRE)--Tour24, a leading self-guided tour company, today announced the close of its $5-million Series B financing round. The round was led by leading real estate technology venture capital firm RET Ventures.
Founded in 2020, Tour24 was created to help optimize the apartment leasing process for multifamily owners and operators by delivering a seamless, self-guided touring experience. Designed to meet the demand for renter flexibility, Tour24 enables prospects to schedule and tour communities at their convenience, offering self-guided tours both during and after regular office hours, including weekends and holidays.
Using Tour24, owners can offer curated tours with pre-recorded audio describing apartments and amenity spaces, thereby providing potential residents with insights into the property based on their location. For example, owners who want to highlight top-of-the-line kitchen appliances or a fitness center can customize the tour and audio guide to ensure these attributes are emphasized when the resident walks through those rooms.
Tour24 also provides multifamily owners and operators with insights into how tours are performing and which areas of the property prospects spend the most time in. By placing Bluetooth beacons in every room, Tour24 can pinpoint which rooms and amenity spaces a prospect spent time in, facilitating more targeted follow-up after the tour.
Additionally, Tour24 coordinates all the necessary logistics for an ideal self-guided touring experience, including ID verification and access control with smart locks or conventional keys. Designed to be extremely user-friendly, the platform recently rolled out a range of new features, including Face ID, Fingerprint Login, Tour Now for immediate touring, and calendar integration for prospects scheduling tours. It also facilitates a smooth leasing process by pushing prospects from the app to apply to lease immediately following the self-guided tour.
“While the COVID-19 pandemic created an immediate demand for self-guided touring solutions, appetite for platforms like Tour24 has remained strong, especially as recent economic conditions have compelled many multifamily owners to optimize operations and cut costs,” said Georgianna W. Oliver, founder and CEO of Tour24. “At Tour24, we are dedicated to providing an elevated touring experience to prospective residents that acts like an agent while giving owners the tools they need to fill units faster and better utilize their onsite staff. We’re thrilled to work with a partner like RET Ventures, whose deep industry connections and expertise will enable us to enhance our technology further and deliver the best experience possible to owners and residents alike.”
The Boston-based company currently serves 525,000 units across 2,065 multifamily properties in the U.S. The product is being utilized by several RET strategic investors, including GID, Berkshire Residential Investments, Highmark, AMLI Residential, and LCOR. Tour24 seamlessly integrates with leading property management systems and property technology solutions, including fellow RET portfolio companies Engrain and Funnel as well as Yardi, Entrata, RealPage, EliseAI and Brivo.
“Especially as the industry continues to push for more centralized property operations, an increasing number of owners and operators are looking to implement self-touring technology across their portfolios,” said Christopher Yip, Partner at RET Ventures. “Tour24 provides these professionals with an immediate return on investment by allowing them to expand their touring hours and offerings without increasing onsite staff or stretching it too thin. Several of our strategic investors are already utilizing the platform, and we look forward to supporting the company as it continues to refine its technology and expand its market reach.”
With the capital from its Series B, Tour24 will continue its product roadmap development and improvements to its user experience. The company will also be focusing on growing its team and continuing its expansion across the U.S. multifamily market.
About Tour24
Tour24 is the multi-award-winning app for apartment owners and operators offering self-guided tours. The solution provides future renters easy access to self-guided tours via a custom, in-person, interactive and audio/visual tour experience. Tour24 integrates with existing technology stacks, and is the most comprehensive solution available today. Led by a high-caliber team of industry experts, Tour24 delivers more traffic, more tours, and ultimately more leases. The company is based in Boston and is privately held. Learn more at tour24.io.
About RET Ventures
A leading real estate technology venture capital firm, RET Ventures elevates real estate innovation by investing in cutting-edge technologies out of its core venture funds and a Housing Impact Fund. RET works in partnership with its base of more than 50 Strategic Investors who own and manage over $600 billion of real estate assets, with a particular focus on multifamily and single-family rental real estate. In these asset classes, the group includes some of the largest REITs and private real estate owners, operators and developers, who together own and manage approximately 3 million rental units.
Through its deep expertise and network, RET has created a unique real estate innovation ecosystem that delivers significant value to the companies it backs, providing them with access to thought leaders, development partners and ongoing strategic guidance. For more information, please visit www.ret.vc.
