TenantCloud, a software solution for independent landlords based in Austin, Texas has sold a majority stake in their company providing a return to members of the Lubbock Angel Network (LAN) who were invested in the company. This is the group’s first acquisition or “exit” by a portfolio company.

TenantCloud provides free property management software for landlords and tenants and has focused on sectors of the market that include individuals and small holding groups, rather than major property management firms. Through rental applications, maintenance and service requests, payments, and tax reporting the product provides an ease of service and automation for smaller property owners not previously available, as well as connection to leads in various service industries. The purchase of TenantCloud by an undisclosed buyer provided invested LAN members with a 60% internal rate of return (IRR).

The Lubbock Angel Network is a membership-based investment group founded in 2015 to organize private investment capital and provide logistical support for its membership in sourcing, vetting, and communicating with potential investment opportunities. Through syndication partners across Texas and the United States, LAN meets approximately eight times annually at the Texas Tech Innovation Hub to hear investment pitches from CEOs representing a variety of startups. LAN members make individual investment decisions, but the group tracks a cumulative portfolio of over $3 million invested in 22 companies. Five of those portfolio companies are headquartered or heavily active in Lubbock, accounting for more than 42 jobs in the Lubbock economy.

Angel investors fill an important role in any entrepreneurial ecosystem. Once a company is up and running, angels often provide the capital needed to scale the business to profitability and reach a stage of growth making it more attractive for acquisition by larger companies or venture capital firms. Angel investors often assume greater risks by investing in earlier stage startups, but with the potential to reap greater returns once companies are acquired.

The Lubbock Angel Network is the only organized investment group in the region and is always open to new member and sponsor relationships. For more information contact Ryan Reber at ryan@lubbockangelnetwork.com or visit www.lubbockangelnetwork.com.