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Knock, a Seattle-based tech company that serves the commercial real estate industry, has raised $10M in Series A funding in a round led by Madrona Venture Group. The new funding brings the company’s total capital raised to $15.5M. Knock provides customer relationship management tools for apartment buildings.
The money will be used for investments in product, engineering and data science. For example, the company is currently investing in data science that predicts tenant turnover and yield optimization to help property managers make better decisions to improve occupancy and profitability.
“Multifamily sales and marketing is complex and multi-faceted," Knock co-founder and CEO Tom Petry said in a statement. “Apartment owners and managers need more insights into their sales performance, while renters expect easy communication. Knock makes all of this incredibly easy to execute and manage.”
Over the past two years, Knock has experienced significant growth. Its revenue increased elevenfold, it tripled its team and moved its headquarters to Ballard. The company is used by thousands of apartment buildings across the United States and Canada. Management firms that use the technology include Milestone, FPI, ZRS and The Carroll Organization. It also serves as an integration partner for management software companies including Yardi, RealPage, Entrata, ResMan, ASMI and MRI.
“Attracting and retaining the best tenants is crucial to the financial success of an apartment building, and yet, before Knock, property managers did not have access to the modern CRM tools available to their peers in other industries,” Madrona Venture Group Managing Director Scott Jacobson said in a statement. “The Knock team deeply understands the nuances of the multifamily housing market and has developed industry-leading CRM and communications technology that help property managers improve their business and their tenants’ experience.”
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