Tenant Inc., a vertical SaaS technology platform company which offers a complete ecosystem tailored to the self storage industry, has recently closed its third seed funding round with $25 million to support its rapid growth and market penetration.
As with the previous two seed funding rounds, this seed round was oversubscribed. Investor confidence in the first two rounds was centered on the need for Tenant, Inc.’s technology products in the self storage industry, as well as trust in Tenant‘s leadership. This third seed round was different in that the product delivery and company growth trajectory has demonstrated product market fit and considerable value for investors. Investor confidence was also reinforced by Tenant, Inc.’s recent acquisition of Storelocal, the largest private membership community of independent self-storage operators.
Up to this point, Tenant, Inc. has not relied upon institutional investors, although this remains a consideration going forward.
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“We now have over 100 strategic investors in the United States and Internationally, most of which are self storage facility owners who are actively utilizing our products,” said Lance Watkins, Tenant, Inc.’s CEO. “Our investors initially saw the need for a product that would streamline storage facility operations and provide a better tenant experience. Now, those same investors are not only using our products, they are continuing to invest in both our future and theirs.”
The self storage industry is a highly competitive and fragmented market, an estimated 73% of which is owned by independent facility operators (as opposed to large corporations).Tenant, Inc.’s property management platform offers next-level property management efficiency, visibility, automation, and scalability to an industry that has historically lagged behind in terms of technology.
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By automating processes for critical tasks such as completing rentals, collecting revenues, and managing delinquencies, self storage companies can capture and conduct more business, allowing them to stay competitive and scale their operations.
Tenant, Inc., will use funds raised to further advance product development, expand customer support and sales, and increase their platform integration.
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