Finding a good, affordable apartment, especially in the Bay Area, is incredibly difficult. I got lucky with my place, but if I had to move, I'd be in trouble.
That's why companies like former Vator Splash winner Apartment List are so valuable. They help people find good deals in an extremely crowded market (and stop you from needing to turn to Craigstlist),
The comopany has now raised a $30 million Series B round of funding. The round was led by Canaan Partners, with participation from existing investors Matrix Partners and Glynn Capital.
Previous investors include Shervin Pishevar, Managing Partner and co-Founder of Sherpa Ventures; Scott Stanford, co-Founder of Sherpa Ventures; Sam Shank, CEO of HotelTonight; Rick Marini, founder and CEO of BranchOut; Aayush Phumbhra, co-founder of Chegg; Rony Kahan, Chairman and co-Founder of Indeed; Lee Linden, CEO of Karma; Ethan Anderson, CEO & founder of MyTime; and Rothenberg Ventures.
Founded in 2008 by John Kobs and Chris Herndon, Apartment List works kind of like a Kayak for rental properties.
Apartment List consolidates millions of listings from across the Web, working with partners like Rent.com, Forrent.com, and others, to deliver it all via one site. The site offers an array of unique features for comparing and sharing properties, as well as information on individual neighborhoods, such as “workability” and “stroller index.”
Posting, and answering, listings is free for users on the site, while landlords have to pay to posts. The company recently changed its business model, so that a landlord only pays when a renter signs an actual lease. That helps it focus on providing for "high-quality, high-intent renters who are ready to move, which saves landlords time and money and results in leases."
As a result, the company says it has grown revenues 4x over the past year and it now reaches over four million renters monthly, with over 70 percent of its traffic coming from mobile.
The company says it will continue to use this round of funding to continue investment in its renter experience and to expand its on the ground presence to over 30 new metro areas.
In addition to the funding news, it was revealed that Rich Boyle, Partner with Canaan and previously Chairman and CEO of LoopNet, will be joining the board of directors at Apartment List.
"As Americans continue the shift towards renting for the long-term, the need for a better way to match renters and landlords has never been greater. With cutting edge, mobile first technology, and a success-based business model, Apartment List is truly unique in the space," Boyle said in a statement. "I am thrilled to work with John, Chris and the entire team during this period of exceptional growth."
(Image source: apartmentlist.com)