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Profitable Bay Area Proptech Secures First Institutional Capital from Level Equity to Fuel Technology Development and Accelerate Acquisitions
LOS GATOS, Calif., Feb. 2, 2022 /PRNewswire/ -- PURE Property Management, the fastest growing residential property management and technology company in the U.S., announced today that it closed a $50 million financing with Level Equity. The funding, which values the business at over $300 million, will accelerate acquisitions of leading independent property management companies nationally and increase development of tech-enabled investor and resident experiences.
"PURE's incredible financial momentum, technology, and exceptional management team make this investment compelling" said Ben Levin, Level co-founder and CEO. "We continue to see deep domain expertise and technical capability as the keys to market leadership across many real estate sub-verticals. As the first institutional investor in Vacasa (NASDAQ: VCSA), a tech-enabled vacation rental property management company, and Leonardo247, an on-site performance and operations management software for the multi-family market, we know firsthand that a 'from the industry for the industry' people-first strategy with a strong technology foundation works. We're excited to contribute our capital, expertise, and experience towards another enormous and fragmented real estate submarket with significant demand for efficient, innovative customer experiences."
With a vision to make the process of renting a home a simple and satisfying experience, PURE launched in October 2020 with seed capital from friends and family, rapidly consolidating independently owned property management companies operated by seasoned industry leaders and supporting them with proprietary property management technology and processes designed by industry experts.
"We are quickly building the largest third-party residential property management company in the U.S.," said Michael Catalano, PURE's co-founder and general partner, a 25-year veteran in operating, acquiring, and growing property management companies. "We've completed 28 acquisitions to date, far ahead of our initial expectations. The industry is highly fragmented and interest in joining our 'band-together-build-together' mission is increasing. We are excited to have Level Equity as a partner who shares our vision and mission."
Acquired property management companies and their employees continue to operate within their local communities while enjoying a culture of collaboration and contribution with a larger team, enhanced benefits, and new career opportunities. PURE focuses on deploying scalable technology that optimizes business processes and workflow automations that enables acquired operators to grow in their market while offering enhanced services and more value for their owner-investor clients and residents.
"We aim to provide the best outcomes and experiences for our clients, residents and associates. Our technology team is able to tap over 1,000 years of combined property management experience within the company to identify and solve real, day-to-day problems and fill in the gaps with meaningful user-experience driven technology solutions," said Joe Polverari, PURE's co-founder and general partner, a seasoned Silicon Valley entrepreneur and fintech pioneer who led corporate development and strategy at Yodlee through its IPO in 2014 and subsequent acquisition by Envestnet.
PURE was advised in the financing by New York based investment bank Sparring Partners Capital.
About PURE Property Management
PURE Property Management is the fastest growing profitable residential property management and technology company in the U.S. Led by a team of experienced industry professionals and seasoned technology innovators, PURE acquires single-family residential property management companies and invests in their people and processes. By deploying technology and providing operational efficiencies, PURE enhances resident and investor experiences. For more information, visit https://purepm.co
About Level Equity
Level Equity is a private investment firm focused on providing capital to rapidly growing software and technology-enabled businesses. Level provides long-term capital across all transaction types in support of continued growth. The firm has raised $3.0 billion in committed capital and has made over 85 investments since its inception. For more information, visit https://www.levelequity.com/
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SOURCE PURE Property Management