Regional News

Vacation rental site TurnKey raises $21 million in Series C investment round

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Austin-based vacation rental site TurnKey has used the hype and bustle of the SXSW music conference to announce it has raised $21 million in Series C investment cash and plans to roll out several new tech features for vacation property owners.

SXSW is also Austin's marquee tech conference so the announcement was an opportune time for Turnkey to divulge its investment achievement.

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One of TurnKey's rentals on Panama City Beach

The new money comes less than a year after TurnKey's $10 million Series B round, and the investment was led by Adams Street Partners, a Chicago-based venture capital firm. Prior investors including Altos Ventures in Silicon Valley and Silverton Partners in Austin also contributed to the round, which now brings TurnKey's total funding to $41 million since its 2012 launch.

“On the eve of the South by Southwest Conference in Austin, the timing couldn’t be better to fund the next stage of TurnKey,” Jeff Diehl, managing partner and head of investments at Adams Street Partners, said in a news release. “TurnKey is an innovative and highly successful company that is setting a new standard for the private accommodations industry, and we’re excited to partner with the management team.”

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