Property management software provider, Entrata, announced on July 7 that it has raised $507 million in a Series A funding round. It’s the largest private investment round in Utah history. The funding will go towards research and development as well as international growth and the development and hiring of new talent. This is the first institutional round of capital the housing technology platform has raised since its founding in 2003.
Funding was led by Silver Lake of Menlo Park California, Qualtrics Founder Ryan Smith, and Vivint Smart Home Founder Todd Pedersen. The round also had participation from Domo Founder and CEO Josh James, Dragoneer, and other strategic investors.
Entrata is a comprehensive property management software provider with a single-login, open-access PaaS system. It offers a variety of online tools that include websites, mobile apps, payments, lease signing, accounting, and resident management. Entrata’s platform currently serves more than 20,000 apartment communities nationwide and processes more than $20 billion in rent payments annually, The company has more than 2,100 employees with plans to add hundreds more in 2021.
Entrata was founded in 2003 by Dave Bateman and Johnny Hanna. Today, it’s led by Chief Executive Officer, Adam Edmunds, President and Chief Operation Officer Chase Harrington, president and COO.