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CRM Knock Raises $20M Fifth Wall

Knock co-founders Tom Petry and Demetri Themelis (photo via Knock)

Calling itself the “front office technology stack” for apartment landlords, Knock has raised $ 20 million in growth equity to accelerate the rollout of new products such as virtual tours and leasing.

In this round, led by Fifth Wall Ventures, the total startup funding will be $ 47 million. Former supporters Madrona Ventures Group, Lead Edge Capital, Second Avenue Partners and Seven Peaks Ventures also participated in the round.

Seattle-based Knock’s core product is Customer Relationship Management (CRM) for apartment owners. The funding will allow the company to invest in new products such as centralized sales and lease management, virtual tours, applicant screening, AI communications and forecasting. Knock has 100 employees and plans to add another 40-50 this year.

Because we are not affiliated with another company with the same name People buy a house; Or and Easy knock, A sale and leaseback company for homeowners.

Knock was founded in 2014 by Tom Petry and Demetri Themelis, who previously worked together at UBS Wealth Management in New York City. This idea came from their painful experience as a lessor. “It’s even worse when you look inside,” said Temelis, from a real estate management perspective because of the lack of technological innovation.

Knock’s software allows lessors to see what’s available and book tours. From there, property managers can use knocks to manage communication with prospects and stay on top of calendar items from show to update.

“All operational touchpoints are managed within the knock,” said Themelis.

In the statement 5th wall Partner Vik Chawla said institutional capital is pouring into apartments. “As asset prices rise accordingly, operators need to improve yields and maximize operational efficiency,” he said.

Knock is subscription-based and refused to disclose revenue, but says the company has quadrupled revenue in the last two years. Also, last year, a pandemic led landlords to adopt technology rapidly, but not yet, so there was a significant increase.

The company has 1.5 million units on its platform. Customers include CAPREIT and Canadian Apartment Properties REIT. The same is true for Pinnacle Property Management, which was acquired by Cushman & Wakefield last year. Highmark Residential, an affiliate of Starwood Capital.

“We sell to owners and operators of large portfolios that use Knock as their portfolio management solution,” said Temelis.

CRM Knock Raises $20M Fifth Wall Source link CRM Knock Raises $20M Fifth Wall

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