Allison Wood Ventures announces an additional $4 million investment in property management software company Innago, cementing the role of the venture capital firm in the success of the impressive business.
Innago has transformed the rental process for property owners and turned the once tedious tasks of signing leases, collecting payments, managing work orders, and more into simple, manageable to-dos. Through their free and easy-to-use property management software, company founders Dave Spooner and Yasir Drabu have continued to redefine what it means to be a property owner.
The latest investment brings Allison Wood Venture’s total backing of Innago to $7.7 million over the last five years, a clear indicator that CEO Allison Wood truly believes in the fledgling tech company. In addition to the most recent investment, Allison Wood Ventures invested $1.2 million in 2017 and $2.5 million in 2020.
“I have been impressed by Dave and Yasir at every turn over the last five years,” Wood said. “Not only did they create this groundbreaking software and make it accessible to all, but they’ve also worked to truly better the lives of their users. I am so excited to see them continue to grow and am grateful to be a part of this next step forward.”
Spooner and Drabu launched Innago in 2017 after tinkering with pricing models, user interfaces, and other important components of what makes a management software valuable to landlords and their tenants. Not only does Innago allow property owners to create applications, screen tenants, sign leases, collect rent, manage work orders, organize finances, and communicate with renters, but it also provides world-class customer service that gives users peace of mind.
Innago is, in a word, simple. Unlike other management software and websites, it provides only what is necessary and cuts out the often-redundant features that drive up the cost and slow down processing. Last year, Innago launched a mobile app that allows landlords to track applications, maintenance requests, payments, and more from a smartphone.
“We are confident that, at this point, we have the best product, the best marketing, and the best customer support of any similar company on the market,” Spooner said. “As a landlord now myself, I couldn’t manage my properties without the ease our service provides. We know we are poised to continue to grow and improve, and we are so grateful to Allison Wood Ventures for helping to make that a reality.”