A proptech company that helps tenants break down their rents payments over the month is set to expand with an $8 million funding package from investors.
Till was designed to help prevent evictions and the practices that lead to them. Rather than having rent universally due on the 1st, they analyze a renter’s cash flow and break their payments up into smaller bites that will work best for them to make their payments.
“Every year, millions of renters and families are evicted from their homes, due in part to rent servicing strategies that have failed to evolve to the ways people earn and spend money in the 21st century. As the COVID-19 pandemic continues to spread across the country, mass unemployment and other economic fallout is threatening to push those numbers even higher,” said Till founder David Sullivan.
“At Till, our mission is to enable renters to thrive in their homes by radically transforming rent into a positive and personalized financial experience. We are now in prime position to expand our platform and fully reimagine the way Americans rent their housing.”
The $8 million funding round was led by Route 66 Ventures, MetaProp and NextGen Venture Partners.
Already used in 170 properties with 30,000 units located across 14 states, Till will use the funding to continue the growth of the platform and fuel adoption by landlords and renters across the country.
Zak Schwarzman, General Partner at MetaProp. “As the uncertainty wrought by the COVID-19 pandemic and related economic fallout continues with no clear end in sight, it’s more important than ever that landlords find new, mutually beneficial, ways to work with renters to reduce late fees, minimize evictions and foster renters’ long-term financial health.
“Till provides a perfect solution that helps solve these challenges for both sides of the market, and we are proud to back them as they enter the next phase of their growth.”
The company has formed partnerships with real estate owners and property management companies, including First Communities, TM Associates, Redwood Capital Group, ACRE, and Landmark Property Services.