(PRESS RELEASE) – Chicago, IL – ApartmentJet, Inc. announced today it has raised over $900k in capital as part of an oversubscribed Series Seed round led by Chicago-based Network Ventures. Other participants include Blue Tree Capital and Fulcrum Investing, as well as private strategic partners. ApartmentJet will use the funding to scale sales and marketing efforts and to improve product integrations with partners like Airbnb and HomeAway.
ApartmentJet is a short-stay property management system designed and built specifically for the multifamily apartment industry, allowing property managers to monetize guest suites, corporate suites, and unfillable vacancies. ApartmentJet helps fill those units with short or extended stay guests. As part of the service, ApartmentJet will handle all bookings, run background screenings, provide insurance, and coordinate with onsite leasing teams for key exchanges and turns. ApartmentJet’s goal is to optimize and maximize short and extended stay revenue for owners and operators while minimizing the workload for onsite teams.
“Multifamily owner and operators have been looking for a way to tap into the potential of listing sites such as Airbnb and HomeAway,” said Jeff Maters, Managing Director of Network Ventures. “ApartmentJet makes it simple for property managers to centralize management and marketing for all units across their portfolio.”
ApartmentJet also announced today the expansion of its Board of Directors.
New Board members include Jon Pastor, President of the Multifamily Division of The Rainmaker Group. Rainmaker is a leader in multifamily revenue management systems. Jon joined Rainmaker in 2014 when it acquired RentJungle, which he co-founded. Eric Broughton, ApartmentJet co-founder, said of Pastor, “Jon brings a vast trove of industry knowledge and success to our Board. He’s successfully fought many of the same battles we’re facing, and we anticipate his revenue management guidance being invaluable as ApartmentJet grows and maximizes revenue for our clients.”
Said Pastor, “Andy, Kevin, and Eric have produced several successful platforms as entrepreneurs in the multifamily space, and I’m excited to be a part of their latest venture. Over the years I’ve enjoyed getting to know them and appreciate their innovation, integrity, and real estate tech savvy.”
Jeff Maters is also joining the Board of Directors. “ApartmentJet’s team knows the space,” said Maters, “and they know what multifamily owners and operators are looking for based on past experience at Yield Technologies (RentSentinel, RentSocial), RealPage, and eSupply Systems.”
“We’ve worked closely with Jeff as we planned and researched ApartmentJet,” said Broughton. “It means a great deal to us that he’s taken a lead on our investment efforts and is now formally part of our success.”
Founded in 2016 and based in Chicago, ApartmentJet is a web-based platform to help multifamily property owners and management companies take advantage of the growing market for short-term rentals. With ApartmentJet, property managers can list apartments on short-term rental marketplaces like Airbnb and HomeAway, communicate with guests, run background checks, monitor portfolio performance, and generate revenue from vacant units, guest suites, and corporate housing.