INDIANAPOLIS, Ind. (May 24, 2017) – VisionTech Angels, one of Indiana’s most active angel investing groups, has invested in Indianapolis-based startup, Tenant Tracker, increasing the stable of companies in its investment portfolio to 24. The VisionTech Angels investment was matched by Elevate Ventures.
Tenant Tracker is tenant coordination and build-out software for the commercial real estate industry that transfers paper-based processes to the Cloud, resulting in significant gains in efficiency. The solution, which was created at DeveloperTown, is the brainchild of Mike Kelly, managing partner of DeveloperTown, and local commercial real estate broker Keith Kleinmaier, who serves as Tenant Tracker’s chief executive officer.
Kleinmaier says the investment will have a profound impact on the company. “Until now, Tenant Tracker has relied primarily on friends and family to fund our software development and early commercialization efforts, including an extensive beta test. By closing this $600,000 seed round of funding with VisionTech and other investors, Tenant Tracker can break out of our ‘quiet phase’ and dial up our sales efforts. The market is ready and so are we.”
VisionTech Angels Executive Director Ben Pidgeon said Tenant Tracker attracted a good deal of interest from its network of angel investors in Indianapolis, Bloomington, Fort Wayne, and Lafayette. “Tenant Tracker has the potential to transform an untapped market, commercial real estate, that is very detail oriented and still tied to paper. Our investors liked that Tenant Tracker has a good customer base that is successfully using the software and are validating their revenue model; it’s very impressive in an early growth company.”
VisionTech Angels also appreciates that Tenant Tracker’s roots are grounded in both the commercial real estate and tech industry. Kleinmaier is a licensed commercial real estate broker and worked in the technology industry before joining Retail Realty in Fishers, Indiana, as president. Kelly, Tenant Tracker founder and DeveloperTown managing partner, has helped create, advise, and launch a number of tech companies.
“Tenant Tracker delivers a focused user experience,” explained Kelly. “The software allows users to track property leasing deals, manage construction and build-out status, see detailed property reports, access tenant data, and share status reports. Because it’s Cloud-based, the information is available anywhere, a true benefit to our users who are able to access Tenant Tracker from the project site or back in the office.”
Added Kleinmaier, “With all of this data in hand, commercial real estate developers, owners, and landlords have the ability to be more efficient, move tenants into properties sooner, and in turn, add revenue to the bottom line. Good-bye spreadsheets!”