Evernest acquires Poplar Homes and $15 million in technology-focused financing

Evernest acquires Poplar Homes and $15 million in technology-focused financing

Poplar co-founder Chuck Hattemer will also join Evernest to lead integration and growth initiatives.

Evernest already offers services including brokerage, maintenance, renovation, insurance and lending. It combines its platform with local teams to perform these services.

But Evernest has a vision that goes beyond just local, employee-oriented services. The $15 million investment was announced Wednesday by a private equity firm LL funds will help Evernest build a home services platform aimed at rental property owners. According to Evernest, LL Funds has also been one of Poplar’s investors since the company’s debut in 2014.

“The addition of Poplar gives us a presence in six new states, including the West Coast, allowing us to provide additional operational efficiencies to our property owners. The investment from LL Funds positions us to operate from a position of strength, allowing us to scale, increase market density and deliver profitability to our clients at a pace that sets us apart in the industry,” said Matthew Whitaker, Founder and CEO of Evernest, in a prepared statement.

Poplar Homes is a leading real estate management company focused on individual investors and multifamily property owners. Poplar brings California, Oregon, Illinois, Nevada, South Carolina and Washington to the Evernest footprint.

“By joining forces with Evernest – known for their operational excellence – we bring together more than two decades of property management experience,” Greg Toschi, co-founder of Poplar Homes, said in a statement. “We are excited about combining the two companies’ local property management businesses and robust technology products. This comes at a time when the proptech sector is increasingly investing in automation and AI-powered real estate management solutions.”

See also  Solana Active Addresses Hit 75 Million As SOL Breaches $140

This isn’t the only recent addition to Evernest. In December, the company acquired select assets from Elarathe property management department of Picket houses. As the new year approaches, Evernest’s recent acquisitions continue a consistent trend of upward growth for the company.

Poplar Homes also added Sean Story as executive vice president in July 2024 to oversee its multifamily management and leasing portfolio.