Apartment List, the online real estate listings marketplace, has raised $50 million in Series D funding, it was announced Monday. The funding round valued the company at $600 million, double the valuation it received for its Series C.
The tailwinds of the COVID-19 pandemic — an increase in people looking to move and an increase in the adoption of technology — has, in part, contributed to a year in which the company achieved profitability and accelerated revenue growth, according to a company spokesperson.
“We’re on a mission to deliver every renter a home they love and the value they deserve,” Apartment List CEO and co-founder John Kob, said in a statement. “In a year when home has never been more important, we know it’s increasingly critical to provide tools for renters and properties alike.”
“We’ll be there for them with the right technology at the right time to ensure more families find home each year,” Kobs added.
The company plans to use the capital raise to accelerate growth in its core marketplace, as well as build out curated insights for an array of renters, according to a statement. Apartment List — which calls itself a “technology-driven rental marketplace” — currently has more than 5.5 million rental units on its platform.
The funding round was led by Janus Henderson Investments, a global asset manager.
“Apartment List’s unique value proposition – at the intersection of an industry we find attractive, a supportive macroeconomic backdrop, and a huge market opportunity ahead — makes this a really unique and interesting investment for us,” Denny Fish a portfolio manager with Janus Henderson, said in a statement.
Tech-enabled real estate companies have enjoyed strong years, despite the ongoing COVID-19 pandemic. Zillow, which has a rental marketplace that competes with Apartment List, set all-time traffic highs in the third quarter of 2020 and posted its first profitable quarter in three years.
Zillow CEO Rich Barton has also routinely said the company is tracking the same two COVID-19 tailwinds: accelerating tech trends and what Barton describes as the “Great Reshuffling” of homeowners and renters across the U.S.