A technology-driven property maintenance marketplace company has secured funding for the future.
What Happened: Stellar, a venture-backed technology-driven marketplace that solves maintenance at scale for the Single-Family Rental SFR market, announced $20 million in Series B growth equity financing on Thursday.
The funding round was led by Weatherford Capital. Several existing investors also participated, including Brick Mortar Ventures, S 3 Ventures, Alerion Ventures and Navigate Ventures.
The Series B funding round brings the company's total venture capital to $35 million. Stellar plans to invest in new talent, expand into additional U.S. markets and to expand into additional U.S. markets with the help of the funds. The company expects to double its staff by the end of 2023.
Dustin Marx, founder and CEO of Stellar, said we are thrilled with the support from both our new and existing investors who see the impact Stellar s customers are realizing through hassle-free maintenance.
This funding will allow us to meet the rising demand for our maintenance marketplace, evolve into more agile technology, including a new mobile app, and expand our talent and market reach. In addition to the financing, David Seider, a principal at Weatherford Capital, has been appointed to Stellar's board of directors, effective upon the closing of the investment.
Stellar's impressive growth, coupled with a rising number of U.S. households choosing to rent instead of own a house, underscores the company's position as a market leader. Seider said that they were proud to align with them on this next phase of growth to continue to solve challenges across the property lifecycle.
Why it matters: After Stellar appointed former Facebook leader Renaud Casanova to chief technology officer, the company hopes to expand its tech reach.
Stellar's mission is to increase asset value, reputation and retention to build thriving businesses and communities. The company has a deep knowledge of property maintenance to solve the problems that residents, property managers and contractors face.
The equity financing round positions Stellar to enhance its platform, which leverages artificial intelligence and machine learning to enable property managers and contractors to solve home maintenance issues.
The Series B raise in a challenging VC growth investment market is a testament to Stellar's maturity, growth and trajectory.
For more information about Stellar, please visit mystellar.com.