Business
Poplar Homes raises $53M Series B to give independent real estate investors the full-stack property management capabilities of national companies
The tech-powered property management company manages over 7,500 doors across seven states and plans to double their presence in 2022 CUPERTINO, Calif., March
About this update from Agnc Investment Corp.
[{"type":"text","content":"The tech-powered property management company manages over 7,500 doors across seven states and plans to double their presence in 2022\nCUPERTINO, Calif., March 28, 2022 /PRNewswire/ -- Poplar Homes, a leading tech-enabled property management company for single family rental (SFR) investors, announced it has raised $53M 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. (Nasdaq: AGNC), well known computer scientist Jeff Dean, proptech VC Zain Jaffer, and other seed investors.\n\n \n \n \n \n \n \n\n \nThe company also announced a series of strategic hires, doubling the size of the team and bringing on key executives including Travis Buchanan as Chief Operating Officer (formerly of American Homes 4 Rent), Scott Breon as Chief Strategy Officer (formerly of Vacasa), Carolyn Landis as Executive Vice President of Corporate Development, and Justin Lieberknect as Vice President of Marketing (formerly of American Homes for Rent). Poplar also made nine acquisitions of property management companies in multiple high-growth markets across the country ranging in portfolio sizes from 200-1,000 doors. Poplar plans to continue to leverage strategic hires and acquisitions to drive its growth strategy.\nFor individual property owners, who own 90% of the SFR market, Poplar eliminates the burden of maintaining a rental home so that the investment is as easy as managing a stock portfolio online. With 67% of Poplar's customers previously self-managing their properties, the company's platform and service is specifically designed for the 7 million independent SFR landlords. Poplar Homes' property owners on average own 1.4 homes, making them truly \"mom-and-pop\" investors that have historically been unable to access the technology and custom-built property management platforms used by large commercial institutions. Using technology designed specifically for the individual property owner, Poplar Homes helps keep tenants in their homes - and paying rent - longer than traditional property management companies.\n\"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 ...