McCarthy Capital Closes Funding Round with Rently
LOS ANGELES, CA, March 25, 2021 — Rently, inventor and pioneer of self-touring technology, announced today it has successfully closed a funding round from private equity firm McCarthy Capital. McCarthy Capital, based in Omaha Nebraska, manages more than $2.5 billion in assets. Their mission is to grow businesses in partnership with management teams that retain meaningful ownership and operational control. Rently will utilize the proceeds of the round to fund the further development of its hardware and software offerings to real estate operators, along with renters who need to efficiently find, tour and lease their next rental home.
“We have seen a huge acceleration in adoption for Rently, and for many years we have been looking for the right growth partner,” said Merrick Lackner, Co-Founder and CEO of Rently. “We’re very excited to be working with McCarthy Capital, a firm with a long track record of building sustainable companies. We believe this partnership will serve our clients in real estate well.”
In tandem with developing cutting edge hardware and software for self-touring, Rently will continue to grow its intellectual property portfolio. The company’s technology allows real estate operators to automate leasing office activities using its patented self-guided tour technology. Self-touring allows a prospective renter to instantly and securely access a vacant property, driving efficiency in the rental process.
“We strive to identify innovators in a given sector. Rently embodies this approach to proptech,” explained Brian Zaversnik, Portfolio Director at McCarthy Capital. “We are impressed with the way Rently has pioneered self-guided touring solutions for residential rental vacancies. Their electronic entry hardware and smart home systems simplify property management—a mature, multi-billion-dollar industry that is ripe for disruption. We are excited to partner with Merrick and his team as they continue to revolutionize the residential leasing process.”
Rently’s technology increases net operating income (NOI) for property owners and managers by reducing leasing costs, generating leads and adding value with self-touring and smart home technology. Operators utilizing the Rently platform can increase self-guided tour traffic by up to 29%, while reducing time on market by 75%.
Rently isn’t McCarthy Capital’s first investment on the real estate front. McCarthy Capital has previously partnered with real estate leaders such as Guild Mortgage (NYSE: GHLD), United Real Estate and BiggerPockets.
The Rently self-touring concept was originally conceived in 2011 by Co-Founders Merrick Lackner and Clark Li. “It was a lightbulb moment,” said Lackner. “At the time smart phones were just coming on the market and we saw renting as a huge pain point. We thought, ‘Why not let renters instantly access a vacant property with a credit card and a smartphone?’ We are truly grateful and humbled by how much our technology has impacted thousands of real estate operators and millions of renters nationwide.” Since its inception, Rently has become the industry standard for self-touring and has grown to service more than 3,500 real estate operators and millions of renters.
Co-Founder and CTO Clark Li added, “Our technology has really evolved over the last decade. By continuing to invest in our engineering and smart home hardware stack, we can deliver a user friendly and robust self-touring experience on smart lockboxes, smart locks and smart homes. Our platform can facilitate access and self-touring on a variety of property types, leading to a truly ‘Street to Suite’ experience for both the renter and operator.”
Founded in 2011, Rently is the leader in providing self-touring and smart access technology for single-family and multi-family operators nationwide. Each year, more than 20 million renters move to find their new rental property. Self-touring technology automates the renter check-in process so that renters can instantly tour a vacant property, safely and securely, without an agent present. Rently works with more than 3,500 operators in the U.S. and has facilitated more than 15 million renter self-tours to date. Rently has a robust intellectual property portfolio with multiple patents granted on self-touring and access control by the USPTO. Visit www.rently.com
About McCarthy Capital
McCarthy Partners Management, LLC is a registered investment advisor that conducts business as McCarthy Capital. McCarthy Capital, headquartered in Omaha, Nebraska, is focused exclusively on lower middle-market companies. For more than 30 years, the McCarthy organization has been partnering with founders, families and exceptional management teams to support the growth of their companies. More information about McCarthy Capital can be obtained at www.mccarthycapital.com.