Zumper, an online rentals startup raises $6.4 million

By | June 26, 2015
Transfer of house key, on bright background


Zumper, an online rentals startup that allows one to search and apply for apartments, has secured $6.4 million in Series A1 funding led by the prevailing investors Goodwater Capital and Kleiner Perkins Caufield & Byers. This funding was raised a year after Series A round that helped the company to raise $6.5 million.

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The California-based startup Zumper is the first end-to-end house & apartment rental platform that takes renters from search through to application and close. It provides a one stop platform for the landlords, managers and agents for marketing and tenant screening through another advanced platform called Zumper Pro. Founded in 2011, the startup runs the company with the team of 20 and has more than 1.5 million monthly visits with majority of visits from mobile phones.



Zumper

Zumper generates its revenue for the property managers who promote their listings on its platform and also through the application fees from tenants for doing the credit and criminal records verification. The company claims that its revenue will cross $1 million for this year despite of the tough competition in the rental space. Its competitors Zillow and Trulia have recently merged under Zillow Group and are growing in the rental space. Another competitor intends to invest $100 million on its marketing campaign this year.



With the funds raised through the new funding round, the startup intends to improve the services on mobile phone considering the major portion of customers are the mobile app users. Founder and the CEO Anthemos Georgiades said, “We went out to do a short, sharp raise to put more money in the bank ahead of a large Series B next year. Our month on month growth every single metric is in the double-digit percentages, and has been for 15 months straight. We have the most rental listings of any platform in the US, and we are delivering the only world in which renters can make binding applications on apartments during appointments and open houses from their iPhone or Android devices. This is how this industry will work in a decade and we are the first to deliver it.”