They have distinguished themselves as the clear leader in front office software for multifamily operators, and have delivered strong customer value in robust rental markets.
SEATTLE (PRWEB) May 06, 2020
Knock, a leading sales and marketing SaaS platform for residential property management companies, announced today that it has raised $12 million in Series B funding. The round was led by Madrona Venture Group, with participation from Lead Edge Capital and Seven Peaks Ventures, bringing the company’s total capital raised to $27.5 million. Knock will use the new capital to continue growing its go-to-market and product teams while furthering its front office product roadmap, including a suite of productivity and business intelligence tools that are critical to improving occupancy and renewal rates.
“Every apartment building is like its own small business, but many management companies haven’t modernized their front office technology to understand what is driving performance at each property -- from marketing to sales to retention,” said Tom Petry, CEO and co-founder of Knock. "The result is asset under-performance, which may become even more pronounced with an uncertain macro climate. Knock elevates property managers and leasing teams into high performance, modern sales organizations in any environment, delivering the visibility, accountability, and productivity gains that owners need more than ever.”
Founded in 2014 to simplify the way property managers and renters communicated during the leasing process, Knock's first products included tools for scheduling, messaging, and workflow organization, which have become essential to operating and managing apartment communities. The platform has grown to encompass much of the marketing, sales, service, and retention tools that every apartment manager needs, while providing business intelligence solutions to asset managers and owners focused on the bottom line.
The Series B comes during a time of unprecedented challenges for apartment managers. The impacts of COVD-19 have put significant pressure on rent collections, and companies have had to transition their onsite teams to work from home -- a change much of the industry was not prepared for. Messaging and mobile tools have been essential in this transition for Knock customers, with usage skyrocketed in recent weeks. In addition, Knock has accelerated the delivery of critical new features, including new resident engagement and renewal workflows, new centralized leasing tools to work from home, as well as new self-guided and live video touring capabilities.
“Knock continues to deliver the most critical tools we need to fill vacancies faster while retaining the residents we already have long-term,” said Jennifer Stociokas, Executive Managing Director of Western Wealth Communities and former executive at Pinnacle and Lincoln. “Knock continues to take giant steps in bringing us the most efficient, cutting edge technology -- the intelligent front office -- that brings us more peace of mind and confidence in continuing to optimize our leasing performance, especially during a challenging time for multifamily.”
Knock is trusted by hundreds of North America’s leading multifamily portfolios, such as Pinnacle, FPI, Highmark and ZRS, with world-class enterprise software leadership experience. Knock recently hired Eitan Saban as VP of Sales (formerly Seismic and Docusign), Darren Koch as Chief Product Officer (formerly SAP, Concur, and Hotwire), and Matt Hillman as VP of Engineering (formerly Google and Microsoft). The company also more than doubled revenue in 2019, and more than 1 million apartment units are managed on the platform.
“The Knock team has executed exceptionally well since we led the Series A,” said Scott Jacobson, Managing Director at Madrona Venture Group. “They have distinguished themselves as the clear leader in front office software for multifamily operators, and have delivered strong customer value in robust rental markets. Knock is that much more critical to its customers in what could be softer rental markets to come, and we are excited to have the opportunity to double down on our investment in the company to help accelerate their product roadmap and ability to add value to multifamily operators.”
Knock is available to residential property management companies in the U.S. and Canada. For more information on Knock or to schedule a demo, visit http://www.knockcrm.com.
Knock is an award-winning sales and marketing SaaS platform for residential property management companies. Hundreds of the leading apartment managers and owners across North America rely on Knock’s intelligent front office -- a suite of productivity and business intelligence tools -- to improve occupancy and renewal rates. Knock is based in Seattle and was founded in 2014. For more details, visit http://www.knockcrm.com.
About Madrona Venture Group
Madrona has been investing in early-stage technology companies in the Pacific Northwest since 1995. The firm has nearly $1.6 billion under management, and is investing out of $300 million Fund VII. Madrona was an early investor in companies such as Amazon.com, Apptio, Smartsheet, Rover.com, and Redfin.
Knock Public Relations