Stellar Raises $20M In Series B Funding, Propelling Its Position In Proptech Space

A technology-driven property maintenance marketplace company has secured funding for the future.

What Happened: Stellar, a venture-backed, technology-driven marketplace that solves maintenance at scale for the Single-Family Rental (SFR) market, announced $20 million in Series B growth equity financing on Thursday. 

The funding round was led by new investor Weatherford Capital. Existing investors also participated, including Brick & Mortar Ventures, S3 Ventures, Alerion Ventures and Navigate Ventures.

The Series B funding round brings the company's total venture capital to $35 million. Stellar said it plans to use the funds to enhance its technology, invest in new talent and expand into additional U.S. markets. The company expects to nearly double its staff by the end of 2023.

"We are thrilled with the support from both our new and existing investors who see the impact Stellar’s customers are realizing through hassle-free maintenance," said Dustin Marx, founder and CEO of Stellar.

"This funding will allow us to meet the rising demand for our maintenance marketplace, evolve into more agile technology including a new mobile app, and expand our talent and market reach."

In conjunction with the financing, David Seider, principal at Weatherford Capital, has been appointed to Stellar’s board of directors, effective upon closing of the investment.

“Stellar’s impressive growth, combined with a rising number of U.S. households choosing to rent instead of owning a house, underscores the company’s position as a market leader. We are proud to align with them on this next phase of growth to continue to solve challenges across the property lifecycle," said Seider.

Why It Matters: The announcement comes after Stellar appointed former Facebook leader Renaud Casanova to chief technology officer, as the company positions itself to expand its tech reach. 

Stellar’s mission is to increase asset value, reputation and retention to build thriving businesses and communities. The company combines tech with extensive knowledge of property maintenance to solve challenges that residents, property managers and contractors collectively face.

The equity financing round positions Stellar to enhance its platform, which leverages artificial intelligence and machine learning to enable property managers and contractors to successfully resolve home maintenance issues.

The Series B raise amid a challenging VC growth investment market is a testament to Stellar’s maturity, growth and trajectory.

For more information about Stellar, please visit mystellar.com.

Photo courtesy of Stellar.