We’ve all heard the phrase “passive income” to describe how people can make money by owning rental properties. Many Americans would love to passively earn money, but the process of becoming a landlord can be intimidating and complicated.
I mean, how many people have looked back and wished they hadn’t sold a property after seeing its value rise years after selling it?
And those who are already landlords can get overwhelmed by the complexities of managing properties.
One startup out of Boston, Knox Financial, aims to help people identify and manage residential rentals with its algorithm-based platform, and it’s raised a $10 million Series A to help it further that goal. Boston-based G20 Ventures led the round, which included participation from Greycroft, Pillar VC, 2LVC, and Gaingels.
The investment brings Knox’s total raised since its inception in 2018 to $14.7 million. The company closed on a $3 million seed round in January 2020, led by Greycroft.
Knox co-founder and CEO David Friedman is no stranger to startups. He founded Boston Logic – an integrated marketing platform and online marketing services for real estate offices and agents – in 2004. He sold that company (now under the name Propertybase) to Providence Equity for an undisclosed amount in 2016.
Knox launched its platform in March of 2019, with the goal of offering homeowners who are ready to move “a completely hands-off way” of converting a home they’re moving out of into an investment property. It also claims to help landlords more (Read more...)