TurnKey Vacation Rentals Acquisition, Valuation, Funding & Investors
TurnKey Vacation Rentals was acquired by Vacasa for $619M in March 2021.
TurnKey Vacation Rentals acquisition price
$619M
Acquired by Vacasa · Mar 2021
Cumulative funding TurnKey Vacation Rentals raised
$120M
across 7 funding rounds
Key investors in TurnKey Vacation Rentals
Altos Ventures
Silverton Partners
Adams Street Partners
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Spencer RascoffGreenspring Associates
Harmony Partners
- Barney Harford
- Greg Slyngstad
About TurnKey Vacation Rentals
TurnKey Vacation Rentals is a manager of over 15,000 premium vacation properties in 150 destinations across the United States, including beach towns like Gulf Shores, ski resorts in Park City, and city centers in Orlando. The company handles end-to-end operations from dynamic pricing and digital marketing on platforms like Vrbo to on-site housekeeping and maintenance. Proprietary technologies such as smart locks, HomeDroid tablets for guest instructions, noise monitors, and FieldSync scheduling software support local teams in delivering consistent five-star experiences while maximizing owner revenues through professional property management.
Founded
2012
HQ
Austin, TXWebsite
Status
Acquired
Customer focus
B2B
Revenue model
Services
Valuation
$619M (acquired Mar 2021)
TurnKey Vacation Rentals Acquisition
TurnKey Vacation Rentals was acquired by Vacasa for $619M on 11 March 2021.
Before the acquisition TurnKey Vacation Rentals had raised $120M across 7 funding rounds.
Vacasa, a leading vacation rental management platform based in Portland, Oregon, acquired TurnKey Vacation Rentals, an Austin, Texas-based manager of premium vacation homes across more than 80 U.S. destinations, in a deal announced on March 11, 2021, and closed in April 2021. TurnKey managed approximately 6,000 properties, adding key markets like Los Angeles, Napa, Asheville, and Santa Fe to Vacasa's portfolio, which grew to around 30,000 homes. The acquisition combined two technology-forward companies focused on full-service management, including local teams for guest support, cleaning, and maintenance, with TurnKey's 475 employees joining Vacasa's workforce of about 6,000. The transaction was valued at $619 million, primarily in Vacasa stock ($573.8 million) with $45 million in cash, as disclosed in Vacasa's financial filings. TurnKey, founded in 2012 or 2013, had raised about $120 million in venture funding prior to the deal. Vacasa cited the accelerating demand for vacation rentals amid the pandemic, aiming to strengthen market share against hotels and platforms like Vrbo through expanded supply and technology integration. Post-acquisition, Vacasa valued TurnKey's intangible assets at $107.6 million, including homeowner contracts ($102.3 million), database and listings ($3.4 million), and trademark ($1.9 million). On a pro forma basis for the first nine months of 2021, the combined entity reported $728.5 million in revenue.
| Acquirer | Date | Type | Price |
|---|---|---|---|
| 11 Mar 2021 | Strategic M&A | $619M |
TurnKey Vacation Rentals Funding History
TurnKey Vacation Rentals has raised a total of $120M across 7 funding rounds.
TurnKey Vacation Rentals' first fundraising round was a $2M seed round in August 2013. The most recent completed round was a $48M Series E in July 2019.
TurnKey Vacation Rentals funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Jul 2019 | Series E | Altos Ventures (lead); Adams Street Partners; Greenspring Associates; Harmony Partners | $48M | TurnKey Vacation Rentals, founded in 2013 by Michael Banczak and T.J. Clark, is a full-service vacation rental management company serving luxury and premium properties across top U.S. destinations. The company pioneered a commission-based model leveraging proprietary technology and local teams to deliver high-end property management at industry-low rates. In July 2019, TurnKey announced a $48 million Series funding round led by Altos Ventures, with participation from existing investors Adams Street Partners, Greenspring Associates, and Harmony Partners. This brought the company's total capital raised to over $100 million since its 2013 founding. The funding was designated for market expansion and development of new vacation rental offerings and technologies for individual owners and small property managers. As of mid-2019, TurnKey had achieved significant scale with over one million guests served, more than 5,000 homes under management, and over $400 million in gross checkout value. The company's proprietary technology platform automated property management tasks through integrated smart locks, decibel monitors, FieldSync housekeeping scheduling, and HomeDroid tablets. Owner commissions were structured to allow TurnKey property owners to earn an estimated $50 million more cumulatively than they would have at the industry average 35% commission rate. |
| Mar 2018 | Series D | Adams Street Partners (lead); Altos Ventures | $31M | TurnKey Vacation Rentals, an Austin-based full-service vacation rental property management company founded in 2013, raised $31 million in a Series D funding round announced around March 2018, led by existing investor Adams Street Partners with participation from Altos Ventures and two new institutional investors, bringing total capital raised to $72 million. The company manages premium vacation rentals using proprietary technology including smart locks, decibel monitors, FieldSync housekeeping scheduler, and HomeDroid tablets to automate tasks and deliver hotel-like service. At the time, TurnKey operated in 55 top U.S. markets with over 3,500 homes under management and nearly 400 employees, led by co-founders T.J. Clark (CEO) and John Banczak (executive chairman), both former Hotwire and HomeAway executives. The funding supported TurnKey's rapid growth, which had doubled annually since 2013, amid a hot market for vacation rental management startups. Investors highlighted the role of technology in improving quality and efficiency. TurnKey positioned itself as a national player focusing on the upper-half market with unique homes offering reliable guest experiences, 24/7 support, vetted housekeepers, and standards like digital locks and easy policies. It ranked as the third-largest full-service U.S. provider by homes managed, behind Wyndham and Vacasa. A later 2019 $48M round led by Altos Ventures brought total funding to $120M, with TurnKey then projecting over $400M in gross checkout value, 5,000 homes, and its millionth guest that year. TurnKey's business was later acquired by Vacasa in April 2021, adding about 6,000 homes to Vacasa's platform. |
| Mar 2017 | Series C | Adams Street Partners (lead); Silverton Partners; Altos Ventures | $21M | TurnKey Vacation Rentals, a vacation rental property management company based in Austin, Texas, raised $21 million in a Series C funding round on March 9, 2017, led by Adams Street Partners with participation from existing investors Altos Ventures, Silverton Partners, and prominent travel industry angel investors. This brought the company's total capital raised to $41 million since its founding in 2013. The funding was intended to support expansion into new markets and continued development of its industry-leading mobile technology platform. TurnKey provides full-service management for vacation rental properties, handling marketing, bookings, concierge services, keyless entry, 24/7 guest support, noise monitoring, and housekeeping across 40 U.S. markets at the time. The company charges an 18 percent fee to owners, undercutting the typical 35 percent by leveraging software and efficient practices for listing on platforms like HomeAway, VRBO, Airbnb, and Flipkey. It offers property owners real-time revenue tracking, guest reviews, rate optimization advice, and professional photography. Led by co-founder and CEO T.J. Clark (formerly Hotwire, IAC, Limos.com) and co-founder and Executive Chairman John Banczak (HomeAway, BedandBreakfast.com, Hotwire), TurnKey had grown rapidly to become the third-largest U.S. vacation rental management company by homes under management. It expected to nearly double the number of properties managed in 2017 and had doubled growth annually since 2013, employing around 160 people by early 2017 after expanding from 80 the prior year. The round occurred amid a hot market for vacation rental management tech, with Austin as a hub despite local short-term rental restrictions. TurnKey focused on organic growth and delivering consistent guest experiences via branded hospitality, including in-property tablets for amenities and local information. |
| Mar 2016 | Series B | Altos Ventures (lead); Silverton Partners | $10M | TurnKey Vacation Rentals raised $10 million in a Series B funding round in March 2016 led by Altos Ventures with participation from Silverton Partners. The funding brought the company's total capital raised to $20 million at that time. Founded in 2013 in Austin, Texas, TurnKey provides technology and services for vacation rental property management, including tools for listings on platforms like VRBO, check-in, cleaning, and other on-property logistics, charging an 18% commission on bookings. |
| Dec 2014 | Series A | Silverton Partners (lead) | $5M | TurnKey Vacation Rentals is an Austin-based vacation rental management company that handles listing, booking, rate management, guest support, cleaning, and maintenance for property owners via platforms like HomeAway/VRBO, Airbnb, and TripAdvisor. In June 2014, it raised $3 million in additional seed funding led by Silverton Partners, bringing total seed funding to $4.8 million, to expand into ten new markets including ski, beach, and metro locations. At that time, TurnKey managed nearly 200 rentals in Austin, Port Aransas, and Santa Barbara. Silverton Partners' Bill Wood joined the board, praising the team's experience and the market opportunity to apply technology to the vacation rental industry. The company was founded by executives from Hotwire and HomeAway, aiming to reduce costs and improve service quality for owners and guests. |
| Jun 2014 | Seed | Silverton Partners (lead); Gregg Brockway; Rob Greyber; Eric Goldreyer; Carl Shepherd; Karl Peterson; Joey Levin; Alexis de Belloy; Greg Slyngstad; Spencer Rascoff; Barney Harford; Russ Sach | $3M | TurnKey Vacation Rentals raised $3 million in seed funding led by Silverton Partners, with participation from online travel executives including Alexis de Belloy, Barney Harford, Carl Shepherd, Eric Goldreyer, Greg Slyngstad, Gregg Brockway, Joey Levin, Karl Peterson, Rob Greyber, Russ Sach, bringing total seed funding to $4.8 million. The company, founded in 2013, provides full-service vacation rental property management, handling listings on platforms like HomeAway/VRBO, Airbnb, and TripAdvisor, along with rate management, guest support, cleaning, and maintenance via mobile apps. At the time, TurnKey managed nearly 200 properties across three markets: Austin, TX; Port Aransas, TX; and Santa Barbara, CA, planning to expand into ten new ski, beach, and metro markets. |
| Aug 2013 | Seed | Spencer Rascoff | $2M | - |
Who has invested in TurnKey Vacation Rentals?
16 investors have backed TurnKey Vacation Rentals across its funding rounds, including Altos Ventures, Silverton Partners, Adams Street Partners, Spencer Rascoff, Greenspring Associates and Harmony Partners.
Lead investors include Altos Ventures, Adams Street Partners and Silverton Partners.
TurnKey Vacation Rentals Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| Austin, TX | 4 | Lead | Jun 2014 | |
| San Francisco, CA | 4 | Lead | Mar 2016 | |
| Chicago, IL | 3 | Lead | Mar 2017 | |
| Spencer Rascoff | Los Angeles, CA | 2 | Participant | Aug 2013 |
| Gregg Brockway | San Francisco, CA | 1 | Participant | Jun 2014 |
| Baltimore, MD | 1 | Participant | Jul 2019 | |
| Rob Greyber | Seattle, WA | 1 | Participant | Jun 2014 |
| Eric Goldreyer | Austin, TX | 1 | Participant | Jun 2014 |
| Carl Shepherd | Austin, TX | 1 | Participant | Jun 2014 |
| Karl Peterson | Austin, TX | 1 | Participant | Jun 2014 |
| Joey Levin | New York City, NY | 1 | Participant | Jun 2014 |
| Alexis de Belloy | San Francisco, CA | 1 | Participant | Jun 2014 |
| Greg Slyngstad | -- | 1 | Participant | Jun 2014 |
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialTurnKey Vacation Rentals Competitors
TurnKey Vacation Rentals competitors include listed companies like Risma and China Travel International, and private ones like Mofang Gongyu, ZuzuChe, Fabhotels and KAFLIX.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
 Morocco | Publicly listed | $172M | $70M | $484M | - | |
 China | Publicly listed | $519M | $122M | $804M | 1.9x | |
| Shanghai | Private | - | - | $1B | - | |
| Guangzhou | Private | - | - | $261M | - | |
 Gurgaon | Private | $44M | - | $141M | 3.2x | |
 Jeju | Private | - | - | $134M | - |
TurnKey Vacation Rentals Public Comps
TurnKey Vacation Rentals is no longer listed, but its public comps include Paradise, Autohellas, Movida, Star Entertainment Group, Hertz, Lotte Tour Development, H.I.S. Group, Issta, Rural Funds Group and Rainbow Tours.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $837M | $188M | 1.7x | 1.6x | 7.6x | 8.2x | |||
| $1.2B | $349M | 1.4x | 1.3x | 4.6x | 4.7x | |||
| $2.9B | $984M | 1.6x | 1.5x | 4.7x | 3.8x | |||
| $783M | ($103M) | 1.1x | 1.1x | (8.3x) | (167.6x) | |||
| $8.5B | $2.1B | 2.5x | 2.3x | 9.9x | 323.7x | |||
| $476M | $167M | 3.2x | 2.9x | 9.2x | 8.0x | |||
| $2.4B | $125M | 0.4x | 0.4x | 8.2x | 7.1x | |||
| $193M | $84M | 7.0x | - | 16.2x | - | |||
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Common questions about TurnKey Vacation Rentals
| When was TurnKey Vacation Rentals founded? | TurnKey Vacation Rentals was founded in 2012. |
| Where is TurnKey Vacation Rentals headquartered? | TurnKey Vacation Rentals is headquartered in Austin, TX, United States. |
| Is TurnKey Vacation Rentals publicly listed? | No, TurnKey Vacation Rentals was acquired by Vacasa in March 2021. |
| Who acquired TurnKey Vacation Rentals? | TurnKey Vacation Rentals was acquired by Vacasa in March 2021. |
| How much was TurnKey Vacation Rentals acquired for? | TurnKey Vacation Rentals was acquired for $619M in March 2021. |
| How much funding has TurnKey Vacation Rentals raised? | TurnKey Vacation Rentals has raised $120M across 7 funding rounds. |
| What was TurnKey Vacation Rentals' last funding round? | TurnKey Vacation Rentals' last funding round was a $48M Series E in July 2019, led by Altos Ventures. |
| Who are TurnKey Vacation Rentals' investors? | TurnKey Vacation Rentals' investors include Silverton Partners, Altos Ventures, Adams Street Partners, Spencer Rascoff, Gregg Brockway, Greenspring Associates, Rob Greyber, Eric Goldreyer, Carl Shepherd, Karl Peterson and 6 others. |
| Which companies are comparable to TurnKey Vacation Rentals? | Companies comparable to TurnKey Vacation Rentals include Risma, China Travel International, Mofang Gongyu, ZuzuChe, Fabhotels and KAFLIX. |
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