PURE Property Management raises $50 million to accelerate the growth of its property management services and technologies
LOS GATOS, CA., February 2, 2022 /PRNewswire/ — PURE Property Management, the fastest growing residential property management and technology company in the United States, today announced the closure of a $50 million financing with Level Equity. Financing, which adds value to the company $300 millionAccelerate acquisitions of leading independent property management companies nationwide and increase the development of technology experiences for investors and residents.
“PURE’s incredible financial strength, technology and exceptional management team make this investment compelling,” said Ben Levin, co-founder and CEO of Level. “We continue to view deep domain expertise and technical capabilities as the keys to market leadership in many real estate sub-verticals. As the first institutional investor in Vacasa (NASDAQ: VCSA), a technology-enabled vacation rental property management software, and Leonardo247, on-site performance and operations management software for the multi-family market, we know first-hand that a people-centric strategy” in the industry for the industry” with a solid technological foundation works. We are excited to bring our capital, expertise and experience to another huge and fragmented real estate submarket with significant demand for efficient and innovative customer experiences.”
With the vision to make the process of renting a home a simple and satisfying experience, PURE launched in October 2020 with seed capital from friends and family, rapidly building independent property management companies operated by seasoned industry leaders and supporting them with proprietary property management technology and processes designed by industry experts industry.
“We are rapidly building the largest third-party residential property management company in the United States,” said Michael Catalano, co-founder and general partner of PURE, a 25-year veteran of operating, acquiring and growing property management companies. “We have completed 28 acquisitions to date, well ahead of our initial expectations. The industry is highly fragmented and interest in joining our ‘band-together-build-together’ mission is growing. We are delighted to have Level Equity as a partner who shares our vision and our mission.”
The acquired property management companies and their employees continue to operate within their local communities while enjoying a culture of collaboration and contribution with a larger team, enhanced benefits and new career opportunities. PURE is focused on deploying scalable technology that optimizes business processes and workflow automation that enables acquired operators to grow in their market while delivering enhanced services and more value for their owner-customers. investors and residents.
“We aim to deliver the best results and experiences to our customers, residents and associates. Our technology team is able to leverage over 1,000 years of combined property management experience within the company to identify and resolve issues. real, everyday problems and bridge the gaps with meaningful technology solutions focused on user experience,” said Joe Polverarico-founder and general partner of PURE, a seasoned Silicon Valley entrepreneur and fintech pioneer who led the company’s development and strategy at Yodlee through its 2014 IPO and subsequent acquisition by Envestnet.
PURE was advised in the financing by New York investment bank Sparring Partners Capital.
About PURE Property Management
PURE Property Management is the fastest growing residential property management and technology company in the United States Led by a team of experienced industry professionals and seasoned technology innovators, PURE acquires property management companies single-family homes and invests in their people and processes. By deploying technology and delivering operational efficiencies, PURE enhances the experience for residents and investors. For more information, visit https://purepm.co
About level equity
Level Equity is a private investment firm focused on providing capital to rapidly growing software and technology companies. Level provides long-term capital for all types of transactions to support continued growth. The company raised $3.0 billion in committed capital and has made more than 85 investments since its inception. For more information, visit https://www.levelequity.com/
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SOURCE PURE Property Management