Topkey, an expense management system for hoteliers, raised USD 5.1 million in a seed funding round led by Felicis, with participation from a16z, Y Combinator, Andrew Kitchell, Assurant Ventures, and others. The investment brings the company's total funding to USD 6.9 million.

The funds will be used to develop further Topkey's platform, which aims to streamline expense management, billing, and payment processes, primarily for vacation rental property managers. 

Topkey, initially a marketplace connecting owners and property managers, shifted its focus in mid-2021 to create a financial operation system aimed at streamlining the fragmented workflow in the property management sector. The company is integrating its platform with property management systems in the vacation rental market to automate various tasks. The platform, currently in beta, generates revenue through subscriptions and automates tasks such as sending purchase texts to property managers, receipt uploading, property assignment, and billing the appropriate party.

Analyst QuickTake: Topkey differentiates itself from competitors who provide revenue management solutions for property managers through its AI-powered receipt matching software, allowing auto-verification of receipts synced with the company’s accounting software for streamlined expense reconciliation. Additionally, the company claims that this process is up to 5x faster than manual data entry processes.