Industry News

MyNewPlace gets $12 million from investors

Company plans to beef up rental listings, marketing

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MyNewPlace, an online apartment marketplace, has raised $12 million in a second round of investment, the company reported today. Silicon-Valley based investment firms Sutter Hill Ventures and Split Rock Partners led the latest financing round. The company will use the injection of capital to expand its database of apartment listings, which already numbers about 6 million, the company reported, and also plans to use the money to pay for "an increased level of online marketing to attract renters to its Web site." The site has a minimalist, straightforward design and offers interactive mapping in its property searches. Searches can be customized by a range of factors, including specific amenities, rental rate and the number of bedrooms. For property owners, the site offers a pay-per-performance ad model. Companies that list their properties at MyNewPlace pay the company a fee for signed leases that are generated from the Web site, and renters who lease a property that they find at the s...