Chicago-based Rent Butter, a tenant screening solution designed specifically for workforce and affordable housing, has completed its seed financing round. The $3-million round was led by RET Ventures , an industry-backed venture fund focused on single- and multifamily real estate technology.

Founded by Chris Rankin and Tom Raleigh in 2021, Rent Butter was built to help owners and operators of workforce and affordable housing communities better assess risk when screening potential residents. The company has seen significant traction since its founding, with properties comprising more than 100,000 residential units utilizing the solution. The company plans to expand its product offering and customer base into conventional Class A and B multifamily and single-family rentals in 2023.

“When founding Rent Butter, our main goal was to create an alternative to the antiquated tenant screening process and to empower property owners with a more dynamic, complete picture of an applicant’s financial status and history – reducing turnover and at the same time opening the door for potential renters who may have otherwise been turned away,” said Raleigh.