SuiteSpot helps cut costs and increase operational efficiency by streamlining historically challenging maintenance and capital projects processes.
TORONTO (October 10, 2024) – SuiteSpot, a multifamily centralization software, today announced the close of its Series A financing round. The round was led by leading real estate technology venture capital firm RET Ventures, with additional participation from UDR, a leading multifamily REIT.
Founded in 2017 by Elik Jaeger, SuiteSpot was developed to streamline and improve multifamily maintenance management. SuiteSpot’s platform has evolved to help property owners and operators centralize their maintenance and capital operations at scale.
“In today’s market, multifamily owners are constantly seeking ways to improve their net operating income, and we believe centralization with seamless integration of systems and data is key to driving operational efficiency,” said SuiteSpot CEO Elik Jaeger. "With SuiteSpot, we’re centralizing and standardizing every aspect of these projects, empowering owners and operators to reduce costs and enhance asset performance through actionable property data. As we expand our platform and customer base, we're excited to partner with industry leaders like RET Ventures and UDR, who will enable us to build on our success and continue to grow.”
The Toronto-based company is currently being used across over 500,000 rental units, helping enterprise multifamily operators drive improved performance for their maintenance and capital teams. Users of SuiteSpot have reported significant improvements with clear in-year ROI, including up to 50% reduction in apartment turn times and 40% faster work order completion times. The platform integrates with leading property management systems (PMS), and other PropTech solutions creating an optimal operational experience by fitting seamlessly within existing workflows and tech stack.
With the capital from its Series A, SuiteSpot will continue its aggressive product development to simplify workflows and boost productivity for its customers. Additionally, it will be expanding its go-to-market and support teams to roll out SuiteSpot’s technology to a wider swath of the multifamily market and ensure continuous personalized support. The company will also be focusing on driving further adoption of SuiteSpot Capital, launched last year, which improves capital operations performance and provides centralized oversight to asset managers.
A leading real estate technology VC, RET Ventures, has an investment strategy informed by its strategic investors of more than 50 leading real estate firms, who own and operate approximately 3 million rental units.
“Especially as owners look to drive down costs amidst economic challenges, centralization is a major priority for the multifamily sector, and SuiteSpot has emerged as an essential tool to optimize the cumbersome maintenance processes,” said Christopher Yip, Partner at RET Ventures. “The platform’s ability to drastically reduce project timelines delivers immediate value to every property stakeholder, including property managers, vendors, and residents. SuiteSpot has already made significant strides when it comes to product development and market penetration, and we look forward to supporting the team as they enter this new phase of growth.”
“The maturation of real estate technology has improved multifamily operations in many respects, and UDR continues to benefit from investing time and capital into cutting-edge tech solutions like SuiteSpot,” said Scott Wesson, CDO at UDR. “Since we first rolled out SuiteSpot in 2022, their technology has been instrumental in driving UDR's centralization strategy. With over 75 enhancements implemented, we've seen significant improvements in performance and quality of life for our team. The company’s innovation and agility have been particularly impressive, and we’re proud to expand our partnership by investing in the company’s Series A round."
About SuiteSpot
SuiteSpot's centralized platform drives efficiency and performance of maintenance and capital operations for multifamily owners and operators. By streamlining communication, automating workflows, and aligning field processes, SuiteSpot delivers measurable improvements in Net Operating Income (NOI) and resident satisfaction. To learn more, visit www.suitespottechnology.com
About RET Ventures
A leading real estate technology venture capital firm, RET Ventures elevates real estate innovation by investing in cutting-edge technologies out of its core venture funds and a Housing Impact Fund. RET works in partnership with its base of more than 50 Strategic Investors who own and manage over $600 billion of real estate assets, with a particular focus on multifamily and single-family rental real estate. In these asset classes, the group includes some of the largest REITs and private real estate owners, operators and developers, who together control approximately 3 million rental units.
Through its deep expertise and network, RET has created a unique real estate innovation ecosystem that delivers significant value to the companies it backs, providing them with access to thought leaders, development partners and ongoing strategic guidance. For more information, please visit www.ret.vc.
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