Renew Raises $12 Million In Series A Funding Round

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Renew secured $12 million in Series A funding, marking a significant step in its growth trajectory. The round was led by Haymaker Ventures, with participation from Goldcrest Capital, Upfront Ventures, and several Renew customers, reflecting strong validation from both VCs and industry players. Funds will accelerate platform scaling, enhance AI-driven features for churn prediction and personalized renewals, and launch the Resident Referral Network to boost retention in the $500 billion U.S. rental housing market.

Renew is a New York City-based PropTech startup founded in 2021 by real estate and technology veterans Rob Hayden (CEO) and Kevin Murphy. It provides a retention management platform for multifamily and single-family apartment operators, automating lease renewals, predicting resident churn, and facilitating in-network moves to maximize net operating income (NOI) and resident loyalty. The platform addresses a critical pain point in the rental sector: outdated renewal processes that lead to revenue leakage, with features like end-to-end automation, data analytics, and embedded revenue opportunities.

This Series A follows a seed round exceeding $8 million, bringing Renew’s total funding to over $20 million. No post-money valuation was disclosed, but the involvement of prominent early-stage investors signals confidence in Renew’s ability to capture share in a fragmented market. The round closed amid a stabilizing U.S. rental market, where effective rents rose 2.1% year-over-year to $1,869 in Q2 2025, driven by multifamily demand.

Use of Funds and Future Outlook

Proceeds will prioritize engineering expansions in AI and integrations with property management systems (PMS), alongside launching the Resident Referral Network—an industry-first tool for seamless portfolio transfers and referrals. CEO Rob Hayden emphasized, “Where most operators see the end of a lease, we see the start of a longer relationship,” highlighting a shift toward predictive, resident-centric strategies. This positions Renew to automate up to 75% of renewals, reduce decision cycles by over 15 days, and drive NOI growth, potentially adding 42% more ancillary revenue per renewal.

Renew’s $12 million Series A funding round represents a pivotal milestone for the New York City-based PropTech innovator, underscoring its potential to redefine resident retention in the vast U.S. rental housing ecosystem. As operators grapple with rising churn rates and economic pressures, Renew’s platform emerges as a timely solution, blending automation, AI insights, and ecosystem partnerships to transform routine lease renewals into strategic revenue engines.

Funding Round Breakdown

The Series A infusion of $12 million was spearheaded by Haymaker Ventures, a firm known for backing early-stage PropTech ventures focused on operational efficiency. Joining as participants were Goldcrest Capital and Upfront Ventures—both with deep roots in real estate tech investments—alongside a cohort of Renew’s existing customers, which adds a layer of operational endorsement from the very operators the platform serves. This customer participation is particularly noteworthy, as it not only diversifies the investor base but also signals early product-market fit, with users already leveraging Renew to automate 70% of resident decisions without on-site intervention.

While exact terms like pre-money valuation remain undisclosed—a common practice in early-stage rounds—the timing aligns with a recovering PropTech funding environment. Post-2023 downturns, 2025 has seen renewed investor appetite for SaaS tools addressing tangible ROI, such as retention platforms that can preserve up to 30 days of revenue per unit through faster renewal cycles. Renew’s prior seed round, which surpassed $8 million and supported its official launch, laid the groundwork for this upscale, enabling rapid iteration on core features like the Renewal Management System (RMS).

This table illustrates Renew’s funding progression, highlighting a deliberate build from seed validation to Series A scaling. The absence of bridge rounds suggests steady traction, with metrics like 73 days ahead-of-expiration decision-making underscoring scalable impact.

Company Profile and Product Ecosystem

Founded in 2021 by Rob Hayden, a veteran of real estate operations, and Kevin Murphy, a tech engineer with PropTech experience, Renew targets the multifamily and single-family rental sectors—segments collectively valued at $500 billion annually in the U.S. Headquartered in NYC, the company employs a lean team of real estate and AI specialists, focusing on a unified Retention Management Platform that integrates seamlessly with existing PMS tools like Yardi or RealPage.

At its core, Renew’s offerings form a interconnected ecosystem:

• Renewal Management System (RMS): Automates offer presentation, e-signatures, compliance checks, and deadlines, eliminating spreadsheets and manual follow-ups. It ensures timely, personalized renewals, with 42% of users adding rentable items like parking or amenities during the process.
• Renew Data Engine: Analyzes portfolio-wide trends to predict churn and surface actionable insights, shifting operators from reactive firefighting to predictive strategy.
• Renew AI: Delivers tailored communications, intent forecasting, and real-time guidance, optimizing pricing and timing to boost acceptance rates.
• Renew Marketplace (Resident Referral Network): A flagship innovation launching post-funding, this enables in-portfolio transfers and external referrals, turning potential move-outs into loyalty plays and reducing vacancy costs.
• Renew Revenue Ecosystem: Embeds ancillary services (e.g., insurance, utilities) into renewals, enhancing average revenue per unit (ARPU) without burdening site teams.

These components address a “black hole” in PropTech: the overlooked renewal phase, where operators lose billions to inefficiencies like delayed decisions and fraud risks. Early adopters report NOI lifts through faster cycles (up to 15+ days shaved) and higher retention, positioning Renew as a growth accelerator in a market where occupancy hovers at 94.5% for single-family rentals but churn remains a drag on multifamily portfolios.

Recommended: DEXA Closes $15M Seed Funding Led By G2A Investment Partners

Market Context and Opportunity

The U.S. rental housing market in 2025 is characterized by resilience amid economic headwinds, with national effective rents climbing 2.1% year-over-year to $1,869, led by Class A properties at 3.1% growth. Multifamily fundamentals remain strong, per Yardi Matrix’s September 2025 report, with demand outpacing supply in key metros like Orlando and nationwide, where renter priorities shift toward digital tools and personalized experiences. However, retention challenges persist: traditional processes contribute to 10-15% annual churn, eroding NOI in a sector where vacancies can cost $2,000+ per unit monthly.

Renew enters this landscape with tailwinds from PropTech’s evolution toward AI-enabled retention. The broader rental market study from Florida Housing Finance Corporation highlights tenant protections and digital adoption as 2025 priorities, aligning with Renew’s fraud-proof, compliant automation. Forecasts suggest flat-to-modest rent growth (-0.1% nationally per Realtor.com), pressuring operators to prioritize internal efficiencies over price hikes—exactly where Renew’s 75% automation potential shines. In a $500 billion industry, even modest gains in retention could unlock billions in preserved revenue, making Renew’s timing prescient.

Competitive Landscape

Renew operates in a crowded yet opportunity-rich PropTech niche, competing with tools focused on leasing, communications, and analytics. Key rivals include:

Strategic Implications and Risks

This funding cements Renew’s evolution from a renewal tool to a full-spectrum retention engine, with AI and marketplace features poised to drive network effects. Investors like Upfront Ventures, with a track record in scalable marketplaces, likely see parallels to consumer referral successes, adapted for B2B real estate. For operators, adoption could mean 30-day NOI protections and enhanced resident lifetime value, especially as 2025 trends favor digital solutions amid renter competition.

Yet, challenges loom: Integration hurdles with legacy PMS systems could slow scaling, and economic softening—evident in Experian’s 2025 rental report—might compress operator budgets. Competition from incumbents like RealPage, with deeper pockets, adds pressure, though Renew’s customer-led participation mitigates this by fostering sticky adoption. Overall, the round positions Renew for aggressive expansion, potentially capturing 5-10% of the renewal tech submarket within three years if execution matches ambition.

Renew’s Series A is more than capital—it’s a vote of confidence in reimagining rentals as loyalty-driven ecosystems, with profound ripple effects for operators, residents, and the PropTech sector at large.

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