Renew, an artificial intelligence (AI)-powered platform aiding the resident renewal process, has raised $12 million in Series A financing led by Haymaker Ventures, with participation from Goldcrest Capital, Upfront Ventures, and numerous Renew customers. According to the firm, this funding will help scale its retention platform and launch what is being touted as the industry’s first resident referral network.
Founded in 2021 by Rob Hayden and Kevin Murphy, Renew was launched to fill a gap in the industry by treating resident renewals as a strategic lever. The connected resident retention platform enables apartment owners and operators to automate renewals and strengthen fraud protection, and helps residents stay loyal to a brand they trust by renewing, relocating, or referring.
“In 2024, National Multifamily Housing Council top 50 operators piloting Renew uncovered that many departing residents weren’t leaving renting—they were relocating outside their portfolio’s footprint,” said co-founder and CEO Hayden. “Instead of treating those move-outs as lost business, lead-sharing turned them into opportunities—delivering a better resident experience and creating an entirely new revenue stream.”
Renew’s connected ecosystem includes a renewal management system that automates renewals end to end; a data engine that enables predictive strategy instead of reactive reporting; Renew AI, which personalizes offers, optimizes timing, and answers questions in real time; Renew Marketplace, a resident referral network that enables in-portfolio transfers and trusted referrals across portfolios; and a revenue program that monetizes the stay-or-go moment with embedded services and rewards that benefit operators and residents.