LL Funds Leads $20M Raise for Proptech Firm Picket
Picket, a firm that provides an integrated technology and services platform for residential real estate investing, has completed a Series B funding round at $20 million led by proptech investor LL Funds. RET Ventures, which led Picket’s Series A round in 2022, also participated in the Series B round.
The company did not disclose its total funding to date.
The Seattle-based startup provides an “all-in-one platform” to identify, evaluate, acquire and manage single-family rental (SFR) properties across markets based on various criteria. The platform provides reports that forecast sale and rental values, expenses, cash flow and long-term asset appreciation.
Quinten Shay, co-founder and CEO of Picket, said its growth has been “significant in the last 18 months,” and its tech and property management services serve “thousands of residents.”
Picket facilitated more than $270 million in single-family rental home investments last year, primarily with institutional customers.
Investors purchased nearly 49% fewer properties in the first quarter of 2023 than the same period one year ago, according to a report by Redfin. The share of single-family home purchases dropped to 67.3% of investor purchases, the lowest share in the past six years, the report found.
Jim Morrissey, LL Funds partner, has joined the Picket board of directors.