Lula, a smart property maintenance platform for single-family and multifamily rental owners, closed a $3 million funding round led by RET Ventures.
Lula is a technology platform that streamlines the maintenance process for property managers and their tenants, reducing time spent on maintenance by nearly 60%. It integrates with popular property management software solutions, thereby allowing maintenance coordinators and tenants to easily submit maintenance requests, which can then be evaluated and, if necessary, dispatched to on-site maintenance or a member of Lula’s network of fully vetted contractors to complete the work.
The solution provides real-time updates, pictures and service notes to all parties throughout the process — improving the resident experience, eliminating the need for multiple vendors, and reducing costs for property owners, managers, and real estate investors.
“While today’s rental market features technology to manage everything from leasing to amenities and rental payments, the process of requesting property maintenance work and liaising with external vendors remains largely dependent on antiquated, inefficient systems. Lula is specifically designed to help both single-family and multifamily operators propel this outdated work process into the 21st century,” said Lula Founder and CEO Bo Lais. “We are extremely excited to have the backing of an accomplished and thoughtful partner like RET Ventures, as they will play a critical role in introducing our unique solution to many of the country’s largest single-family and multifamily operators in the months and years to come.”
Lula is currently utilized in more than 40,000 rental units in ten U.S. markets, including Kansas City, Missouri, Houston, Denver and Atlanta. The company has formed partnerships with numerous major owner-operators, investors and property managers, including Pathlight Property Management, AMG Asset Management Group, FirstKey Homes and HomeRiver Group.
Lula will utilize proceeds from the fundraise to continue the growth of the platform, expand its staff and roll out its technology in new markets across the U.S.
