Investments

$18 Million In Funding For Zumper

The fastest-growing home and apartment rental platform in the U.S. announced close to $18 million in Series B financing. Forty million renters use the site each year, and the company plans to transform the way people find homes.

Zumper, a rapidly growing apartment and home rental platform in the U.S., has raised $17.6 million in a round of Series B financing, according to a press release. The platform’s total funding to date is $39.2 million. The round was led by Breyer Capital and Foxhaven Asset Management. Existing investors also contributed to the round.

This Series B capital is to scale Zumper’s core search platform. Zumper has more people searching on its platform each month than any rental startup, and the company plans to launch a new and unique service for renters at the beginning of next year.

According to Anthemos Georgiades, CEO of Zumper: “When we started the company, we were only ever interested in building an end-to-end solution, taking renters from search to close. We spent our first few years laying a solid foundation, and now, with 40 million renters using Zumper and PadMapper every year, we’re going to deliver on our original vision. At the beginning of 2017, we will launch a brand new service that sits on top of our search platform. This service will provide renters with the first-ever delightful experience for moving apartments. Over the past nine months, we have been quietly testing and iterating on this operation in a few U.S. cities, and the results are very, very exciting.”

Breyer Capital Founder and CEO Jim Breyer said: “Zumper’s vision of a technology-enabled platform to find and rent homes is reinventing the often painful multi-step rental process. I am thrilled to invest in and partner with the talented Zumper team as they continue to deliver exciting new services and create a seamless rental experience to meet the needs of modern customers.”

In the past year, in addition to raising the latest funding, Zumper announced other achievements. The company’s revenue grew 500 percent over the past year, and Zumper acquired PadMapper, another rental search platform, and rebuilt its website and mobile app.

“Technology has dramatically improved the customer experience in so many industries, yet the process of finding rental housing has remained relatively unchanged,” said Chi-Hua Chien, managing partner at Goodwater Capital and a Zumper board member. “Zumper is tackling this problem for millions of renters and is positioned to fundamentally transform the way people find a home. We’re thrilled to join them on this journey.''

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