- Rental property platform plans on using $46 million in Series C funding to build an end-to-end platform for renting apartments and single-family homes.
- The company will hire up to 50 new staff to build out new products.
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San Francisco-based rental property startup Zumper announced today the close of $46 million in funding. The Series C round came from Axel Springer and Stereo Capital and is earmarked for the development of an end-to-end platform.
Zumper helps more than 8 million visitors per month find apartments and single-family rentals, predict rent prices and connect directly with landlords. Property managers use the software’s machine learning tools to properly market rent prices and facilitate transactions.
The company also announced today the launch of a redesigned website and apps for iOS and Android phones.
In the press release, Zumper said its goal is to make renting property online as easy as booking a hotel. Each year, more than 10 million rental property transactions happen each year, the release stated.
CEO and cofounder of Zumper, Anthemos Georgiades, said frequently moving in his 20s made him realize renting processes were antiquated.
“It was clear the rental industry was ripe for change,” Georgiades said in the press release. “Zumper is well on its way to reshaping the way both consumers and landlords interface with rentals. We will make it as easy as a single click … ”
With this latest round, Zumper has secured more than $90 million in funding. Also contributing to the latest backing were Blackstone and current investors Dawn Capital, Kleiner Perkins Caufield & Byers (KPCB), Breyer Capital, Scott Cook, Goodwater Capital and xfund.
The money will help Zumper hire up to 50 more employees as part of the plan to build a renter-to-landlord pipeline, which will include a mechanism for credit qualification and communicating directly with owners and managers of rental properties under a “Book Now” feature. Zumper presently has 120 employees.
The company claims it’s the largest residential rental startup in the country. Two years ago, Zumper purchased competitor PadMapper, now a subsidiary.
With Zillow moving to offer more online rental features, including the ability to apply for apartments and pay rent online, Zumper’s extra money couldn’t have come at a better time.
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