Poplar Homes raises $53 million
Poplar Homes, a California-based property management company for single family rental investors, has raised $53 million in Series B funding led by LL Funds with participation from new and existing investors including Crescent Cove Advisors, AGNC Ventures, LLC, the corporate venture capital arm of AGNC Investment Corp., and others.
Founded in 2014, the company offers solutions for both renters and landlords. Renters can use the platform to get approved, view available properties, and rent a home online. Once in the home, renters can use the platform to pay rent, request maintenance, and more. For property owners, Poplar Homes provides a range of maintenance and management services and it also offers landlords up to $15,000 in eviction coverage. Landlords have access to an Owner Dashboard where they can track leasing, maintenance, and financial performance in real-time.
The company manages 7500+ properties in California, Washington, Colorado, Nevada, Texas, Missouri, and North Carolina.
“Single family rentals are an increasingly valuable asset, and Poplar is at the forefront of bringing institutional operating power to Main Street real estate investors, who are often spending hundreds of hours a year on everything from leasing and maintenance to legal issues and accounting. We’re well positioned with 7,500 doors and growing to help everyday property owners nationwide improve their margins on their rentals while also adding real-time transparency into the day-to-day operations, robust financial reporting, and guaranteed rent payouts.” – co-founder and CEO Greg Toschi.
“We’re thrilled to partner with and be part of the journey with the Poplar Homes team to transform the property management experience for landlords and their tenants. With the continued growth of the large single family rental market coupled with a highly fragmented service provider network, Poplar Homes provides a cohesive, technology-driven platform and digital first solution. The Poplar platform unlocks tangible economic benefits to property owners and investors, and a better living experience for their residents. In addition to providing products and services to homeowners and investors, Poplar Homes is building trusted relationships with tenants at the early stages of their real estate lifecycle creating numerous downstream product opportunities.” – Jim Morrissey, Partner at LL Funds and new Poplar Homes board member.