SightPlan's multifamily service proptech startup ends Series B round

It seems that 2019 is the year for technologies to take a leap in advancement. These technologies encompass both commercial and residential real estate; as well as, to a degree since it is a vastly more complex sector, the public. "Smart" technologies, as they are colloquially called, differentiate depending on what space they're bringing a solution to, whether its a commercial space or a residential space, and even more different, a public space, where the local government has its fingers in the pie. When it comes to residential real estate, "smart" technologies are created through integration of IOT software. This type of tech mostly benefits residents, but there it is also efficient for landlords to manage these properties. 

SightPlan, the top provider of maintenance and resident service software within the US multifamily industry, is one of the companies that has turned this vision into a winning proposition. The Orlando-based startup launched its product in 2015, and today has over 600,000 multifamily units on its platform, with a growth rate of 30,000 new units per month. The SightPlan team exclusively shared that they just closed their Series B round with multifamily industry-backed VC RET Ventures, in a bid to further grow the company’s customer base and build collaborative partnerships with some of the fund’s other portfolio companies.

When Founder and President Joseph Westlake set up SightPlan in 2013, he recognized that a lot of change was swiftly happening in the multifamily industry. Resident profiles had changed a lot since the financial crisis, with people staying longer in rented accommodation as home ownership had lost some of its appeal. The properties themselves were becoming more sophisticated in terms of tech implementation both in homes and in the buildings. The industry structure was also changing rapidly with increased consolidation of ownership and of management at the portfolio level. However, the operational tools on-site teams were using were stuck 20 years in the past.

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