Denver-based Property Mapping Tech Company Raises $3.7M to Fuel Expansion
Property mapping technology company Engrain, has raised $3.7 million in new funding to fuel its national expansion. The round was led by RET Ventures, an industry-backed venture fund focused on single- and multi-family rent tech, along with participation from existing investors.
For Engrain, the funding validates the success of the company’s recent strategic expansion. Founded a decade ago, Engrain has long been known for its attractive mapping software and touchscreen touring, which are found on property websites and in leasing offices of multifamily communities across the country. Following its first outside fundraise a year ago, this funding round will enable Engrain to further realize product enhancements, accelerate strategic partnerships and grow its sales team.
“Whether considering a new apartment, navigating across a large property or even conducting asset management analysis, contextualizing location with the help of a property map adds a depth of insight to many different processes throughout the industry,” said Engrain CEO Brent Steiner. “Because of our technology’s ability to assist in self-guided touring — which has become essential amid the pandemic — we’ve seen a significant uptick in the usage of our maps. We’re excited to propel our expansion in the coming months, and we’re particularly pleased to join the RET Ventures network, which will open additional doors for Engrain and help us scale rapidly.”
Much of Engrain’s recent growth has been tied to its SightMap® product’s ability to enhance self-guided tours. An interactive property map, SightMap® incorporates seamlessly into any property website, providing a clear context of each unit’s proximity to amenities and parking, while also displaying pricing and other key information. Used with smart locks to enable unit access, the maps help guide potential renters around a property, allowing leasing teams to show units while maintaining distancing. In April, Engrain rolled out SightMap®’s location awareness feature, pinpointing an individual’s location on the property map. For prospective renters trying to navigate to vacant units and amenity areas through labyrinthine hallways and sprawling multifamily complexes, the location awareness has helped streamline self tours.
In the coming months, Engrain plans to grow its Unit Map® maps-as-a-service API, which allows developers to easily add property maps to any software application, providing a more intuitive interface that provides context for wayfinding and location-based data analysis.
“Products like Google Maps and Waze help people navigate to the right street address, but that is often just half the battle,” said Steiner. “While many of our integrations have been associated with prospects touring a property, there is tremendous opportunity to deploy these maps to delivery services and even onsite maintenance staff to cut down the time it takes to find the correct unit. We also anticipate future integrations with emergency services organizations, where the seconds that can be saved in reaching the right apartment can spell the difference between life and death.”
Among Engrain’s most prominent clients is Cortland, a limited partner in RET Ventures and the country’s twelfth largest apartment owner, with a portfolio of more than 60,000 units.
“When seeking ways to improve Cortland’s online experience for prospects looking for a new apartment home, Engrain’s interactive property maps were an ideal solution,” said Mike Gomes, Chief Experience Officer for Cortland. “Engrain’s intuitive solution of creating property maps as a data service allows the prospect to visualize their future living experience in a whole new way. The filtering capability along with the layered information showcasing floorplan types, availability, and lease terms takes the consumer shopping experience to a new level – and helps put multifamily more on par with today’s online consumer experiences.”