Michael Lucarelli is looking for Seattle food recommendations — after relocating to the city earlier this year and moving his company with him.
RentSpree, which got its start in Los Angeles but is now headquartered in downtown Seattle, has built a profitable business helping landlords and real estate agents screen tenants, collect rent, sign leases, and manage rentals online.
The company, founded in 2016, serves more than 4 million users and is growing without relying heavily on paid advertising, said Lucarelli, CEO and co-founder of RentSpree.
Lucarelli, a former real estate agent, said Seattle stood out because of its concentration of real estate and proptech companies such as Zillow, Redfin, and Opendoor. The company this month hired former Redfin exec Alex Berezhnyy as chief technology officer, further anchoring its presence in the region, where more than half of the executive team is now based. It has more than 30 employees in Seattle.
“Seattle is really great for talent that balances both an aggressive growth perspective, but also building sustainable companies over time,” Lucarelli said.
RentSpree targets “DIY” landlords, typically individuals who own one to four rental units and still rely on paper applications and manual rent collection. The company’s software helps them manage the entire rental process online, from applications and leases to monthly payments.
While landlords and real estate agents are RentSpree’s core users, the company makes most of its money from renters, who pay application fees and small convenience fees for rent payments. That model has helped fuel its payments business, which is now growing about 150% year-over-year and processing hundreds of millions of dollars annually.
RentSpree also recently launched a banking-as-a-service offering that lets landlords open bank accounts through the platform, earn interest, and track expenses — pushing the company further into fintech territory.
The company’s real advantage is it’s distribution, Lucarelli said. Instead of relying on digital ads, RentSpree partners with MLS systems, Realtor associations, and real estate software platforms to reach landlords where they already work.
More than 10,000 landlords and agents use RentSpree each month. The company has rolled out new AI features to help streamline filling out forms and listing properties.
“We’re focusing on the important jobs that they’re trying to accomplish, or things that they’re doing already — and how we can make it vastly easier by utilizing AI for them,” Lucarelli said.
The company has raised $28 million to date and employs 135 people across the company in the U.S. and Thailand.
Tin Can is answering the call from investors.
The Seattle startup behind a landline-style, Wi-Fi-enabled telephone for kids raised $12 million in new funding, the company announced Thursday.
The seed round was led by Greylock Partners with participation from Lateralus Holdings and existing backers. Tin Can previously raised $3.5 million in pre-seed funding in September from PSL Ventures, Newfund Capital, Mother Ventures, and Solid Foundations.
Tin Can’s colorful screen- and text-free phones aim to help kids connect without the pressures and addictive pull of the digital world. The devices operate on a private network and include a companion app and modern safeguards.
Since launching its flagship product earlier this year, Tin Can quickly went “viral,” sold out its first two production runs and built a near-six-figure waitlist. The momentum comes amid growing concern about the effects of smartphones and social media on kids’ mental health, attention and development.
Co-founder and CEO Chet Kittleson told GeekWire that his team is “pretty elated” to attract investors who are also parents, who care about what Tin Can is building and want to help the company keep pace with demand.
“They really care about us and about the customer and about the world that we want to see, and they’re also really technically proficient,” Kittleson said about David Shuman, founder of Lateralus Holdings, and Mike Duboe, general partner at Greylock.
“Mike is like a growth machine. He was head of growth at Stitch Fix for a long time,” Kittleson said. “And David just knows everything you could ever want to know about supply chain and manufacturing, and cash flow. He’s already helped us a million different ways.”
Duboe said in a news release that Tin Can isn’t just building a product; they’re leading a movement.
“In an age defined by digital noise, they’ve created a joyful alternative that redefines how we view modern connection,” he said.
Kittleson, along with co-founders Graeme Davies and Max Blumen, previously worked at Seattle real estate startup Far Homes. He was recognized this month as one of GeekWire’s six “Uncommon Thinkers,” honoring innovators driving positive change in the world.
“I’m so grateful that this is the hit, that it worked,” Kittleson said in a GeekWire profile tied to the honor.
Tin Can employs 17 people and is “growing at a pretty fun clip,” Kittleson said.
The startup plans to use the new funding to scale production, add engineers and customer support, and prepare for international expansion.
Coming up: Tin Can CEO Chet Kittleson will be our guest this weekend on the GeekWire Podcast. Subscribe to GeekWire in Apple Podcasts, Spotify, or wherever you listen.
In a Chapter 11 bankruptcy petition filed this week by Rad Power Bikes, the Seattle-based electric bike maker lists creditors holding the 20 largest unsecured claims against the company.
At the top of the list? Not a major supplier, or partner, but U.S. Customs and Border Protection, which is owed more than $8.3 million by Rad for tariffs, according to the filing. The claim is one of several listed as “disputed” by the company.
The situation underscores the financial strain facing Rad and the broader e-bike industry after rapid growth during the COVID-19 pandemic gave way to slowing demand, rising costs and lingering trade pressures.
A Rad spokesperson said Wednesday that the company is not able to comment on specific line items in its filing. In a November letter to employees warning that the company could shut down as early as January, Rad cited “significant financial challenges, including in the form of tariffs and the macroeconomic landscape.”
Tariffs have drawn increasing scrutiny from the e-bike industry. A recent report by The Washington Post, examined how import duties under both the Biden and Trump administrations sent expenses spiraling for Rad and other bike companies that rely on Asian manufacturing.
Tariffs are “stressing U.S.-based companies, in some cases past the breaking point, while not seeming to have much effect on foreign marketplace sellers who are doing business as usual,” Matt Moore, policy and general counsel of the trade group PeopleForBikes, told the Post.
PeopleForBikes said in October that lagging bike sales and consumer pullback were being exacerbated by tariff concerns.
RELATED: The rise and fall of Rad Power Bikes: From breakout success to the brink of shutdown
Rad launched in 2015 with a direct-to-consumer model and sub-$2,000 e-bikes aimed at casual riders. Demand surged during the pandemic, climbing nearly 300%, and in 2021 the company raised more than $300 million, reaching a valuation of $1.65 billion and branding itself as North America’s largest e-bike seller.
That momentum faded in 2022 as demand cooled. In its letter to employees last month, Rad said it did not anticipate “the sudden drop in consumer demand from COVID-era peaks,” leaving the company with excess inventory.
In its bankruptcy filing this week, Rad revealed a steady drop in gross revenue — from $129.8 million in 2023 to $103.8 million in 2024, and $63.3 million so far this year. The company reported total liabilities of nearly $73 million, more than double its assets of $32 million.
Ed Benjamin, chairman of the Light Electric Vehicle Association, told the Post that tariffs created “confusion and chaos” across the industry, making future purchasing decisions difficult amid uncertainty over costs.
The Post detailed why the Biden administration allowed an exemption for e-bikes from tariffs on Chinese imports — first imposed in 2018 — to expire last year. The e-bike industry’s average tariffs have risen from about 11% to between 20% and 55%, according to PeopleForBikes.
Several industry publications have warned that layered trade policies — including China-focused tariffs, battery duties and steel restrictions — are raising prices and squeezing manufacturers. Numerous e-bike companies, including E-Cells, Kent International, Fuell, Juiced, and Electric Bike Company, have cited tariffs as a factor in shutdowns or bankruptcies.
“There’s no coherent strategy here, just a patchwork of protectionist measures that hurt importers, confuse dealers, and raise prices for consumers,” EV news website Electrek wrote. “If the U.S. wants to promote micromobility and clean transportation, it’s going to need smarter policies than this.”
A day after Rad filed for bankruptcy protection this week, U.S. Customs and Border Protection said it has collected more than $200 billion in tariffs under more than 40 executive orders issued during the Trump administration.
“This figure underscores CBP’s effectiveness in promoting secure, fair, and compliant trade,” the agency said.
The U.S. Supreme Court is weighing whether Trump exceeded his authority in imposing the tariffs. Costco and dozens of other companies have filed lawsuits seeking refunds if the court rules the duties unlawful.
Welcome back to another Startup Radar, where we highlight up-and-coming early stage startups across the Seattle region.
This time we’re spotlighting founders working on digitizing golf scorecards, automating port operations, developing protein sequencing hardware, and tackling e-commerce returns.
Read on for brief descriptions of each company — and a pitch assessment from GPT-powered “Mean VC,” which we prompt to offer both positive and critical feedback.
Check out past Startup Radar posts here, and email me at taylor@geekwire.com to flag other companies and startup news.
Founded: 2025
The business: Sports tech startup aiming to digitize scorecards for golfers. The goal is to preserve the traditional experience on the course while giving golfers advanced analytics after their rounds. Barkie is developing social features within its app and is launching next month.
Leadership: CEO Dane Renkert was a sales leader at Docugami, Komiko, and Ben Kinney Companies. He’s also a competitive golfer who placed 13th at the 2009 World Long Drive Championships. His former Docugami colleague Zubin Wadia is a technical advisor.
Mean VC: “There’s something charming about modern tech wrapped in the polite culture of golf — your timing’s smart, too, with golf booming post-COVID. But digitizing scorecards isn’t exactly a deep moat, and Arccos, Hole19, and 18Birdies already live here. The social angle could be your wedge in, but it needs to be more than ‘Strava for golfers’ if you want retention after the novelty fades.”
Founded: 2025
The business: Software to help ports track containers using automation and AI-powered computer vision technology. The company is initially targeting small and medium-sized ports that it says have historically been excluded from being able to automate port operations. Gatein is bootstrapped and recently began working on a site in Europe.
Leadership: CEO Bernardo Mendez-Arista is a longtime product leader with stints at Amazon, Volley Automation, RRAI, and Yaskawa Motoman. Co-founder and CTO Michael Pivtoraiko also worked at Volley and previously started two logistics tech companies.
Mean VC: “Smart to go after small and mid-size ports — they’re often overlooked, yet desperate for modernization. But port operators move slow, and convincing them to adopt computer vision and AI is more about trust and track record than flashy tech. If you can show real savings and keep integration friction low, you might quietly build a very sticky business.”
Founded: 2023
The business: Early stage biotech startup developing a protein sequencing device. The company is stealthy for now but its website describes the business as a “comprehensive proteomics platform” for multi-biomarker screening. Primary Bioscience graduated from the Creative Destruction Labs’ Vancouver program earlier this year.
Leadership: CEO Stacy Anderson most recently spent three years at Roche as a protein engineering scientist. She earned a Ph.D. from the University of Wisconsin-Madison.
Mean VC: “Proteomics is white-hot, and if your device can actually accelerate multi-biomarker screening, the upside is massive. But ‘comprehensive platform’ is vague, and stealth mode works better when people already know you’re dangerous. The science background is strong, but the key question is: are you a tool company, a data company, or a pharma play pretending to be a device?”
Founded: 2025
The business: A “reverse logistics” startup that helps online retailers process and restock customer returns. It uses computer vision and AI agents to authenticate, grade, and resell returned items. The startup recently opened its first warehouse in Indianapolis to process returns.
Leadership: Founder and CEO Mayank Sharma spent more than a decade at Amazon, where he led teams working on last mile logistics and returns. Co-founder Maria Pavlovskaia was an engineering leader at Amazon and Uber.
Mean VC: “Reverse logistics is messy, costly, and growing — which makes it exactly the kind of boring problem that could be a monster business. Having ex-Amazon leadership is helpful here, but you’ll need to prove your tech handles real-world chaos, not just demo videos. The first warehouse is a good start; now show you can scale ops without your gross margins vanishing into the void.”
Rad Power Bikes filed for Chapter 11 bankruptcy protection even as the Seattle-based company said it’s working toward a sale to keep the popular electric bike brand alive.
In a bankruptcy petition, filed Monday in federal court in Spokane, the company reported total liabilities of nearly $73 million, more than double its assets of $32 million. The filing also revealed a steady drop in gross revenue — from $129.8 million in 2023 to $103.8 million in 2024, and $63.3 million so far this year.
The filing comes three weeks after the Consumer Product Safety Commission (CPSC) issued a warning to consumers to stop using some of the Seattle-based company’s bikes because of danger posed by their lithium-ion batteries.
It follows the revelation, in early November, that the once hard-charging startup was fighting for survival as it faced “significant financial challenges.”
A Rad spokesperson said in a statement provided to GeekWire on Tuesday that the company was navigating an extraordinary period of challenge and change.
“As we work to secure a sustainable future for the Rad brand, Rad has filed for Chapter 11 protection as part of a process to complete a sale of the company within the next 45–60 days,” the statement said. “This step allows us to keep operating in the ordinary course of business while we pursue the best possible outcome for the people who rely on Rad every day.”
Rad said its goal is to keep the company intact and preserve relationships it has built with riders, vendors, suppliers, and partners.
RELATED: The rise and fall of Rad Power Bikes: From breakout success to the brink of shutdown
Rad previously filed notice with the Washington state Employment Security Department in which it said the company could shut down as early as January, and that 64 jobs would be impacted.
The bankruptcy filing shows that the company remains primarily controlled by its founder, Mike Radenbaugh, who holds the largest individual stake, more than 41%.
Institutional investors hold significant minority positions, including VCVC V LLC (6.55%), an investment vehicle associated with Cercano Management, and Durable Capital Master Fund LP (5.79%). Co-founder Ty Collins retains a 4.23% stake.
The company’s largest unsecured debts include nearly $8.4 million owed to U.S. Customs and Border Protection for tariffs, and more than $8 million to overseas manufacturers. Insurance companies and individuals seeking to recover payouts related to Rad bikes are owed about $4.3 million, and two people are each owed $1 million for damages, likely from lawsuits.
Rad was conceived in 2007 by Radenbaugh and Collins, who met as students at Humboldt State University in Northern California and built their first e-bike together. After years of doing custom conversions of traditional bikes to electric, they launched their company as a direct-to-consumer brand in 2015.
Rad saw big demand amid the pandemic as more people bought e-bikes. Its sales and workforce surged and it raised more than $300 million from investors in 2021. The company was valued at $1.65 billion that year, according to PitchBook, making it one of a handful of “unicorn” startups in the Seattle region at the time.
Rad operates out of a headquarters and flagship retail location on NW 52nd Street in Seattle’s Ballard neighborhood.
The company is currently led by CEO Kathi Lentzsch, who previously ran Bartell Drugs as CEO before the company sold to Rite-Aid in 2020. She also led companies including Gump’s and Elephant Pharmacy, and held exec roles at Enesco, Pottery Barn and World Market.
Lentzsch replaced Phil Molyneux, the former Sony president who stepped down earlier this year after leading Rad for more than two years.
The CPSC’s Nov. 24 product safety warning, which listed a variety of Rad bikes and battery models, urged consumers to immediately remove and dispose of hazardous batteries that “can unexpectedly ignite and explode, posing a fire hazard to consumers, especially when the battery or the harness has been exposed to water and debris.”
Rad disputed the CPSC’s findings, saying at the time that the company “firmly stands behind our batteries and our reputation as leaders in the e-bike industry, and strongly disagrees with the CPSC’s characterization of certain Rad batteries as defective or unsafe.”
Rad said the significant cost of CPSC’s all-or-nothing recall demand would force Rad to shut down immediately with no way to support its riders or employees.
On Tuesday, Rad said it was “not giving up” and that it was “focused on doing everything we can to strengthen the future of the Rad brand.”
Researchers with Google Threat Intelligence Group have detected five China-nexus threat groups exploiting the maximum-security React2Shell security flaw to drop a number of malicious payloads, from backdoors to downloaders to tunnelers.
The post Google Finds Five China-Nexus Groups Exploiting React2Shell Flaw appeared first on Security Boulevard.
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