SAN FRANCISCO — Apartment List, an online apartment rental marketplace, has raised $30 million in Series B funding. The round was led by Canaan Partners, with participation from existing investors Matrix Partners and Glynn Capital. Apartment List will use the funding to continue investment in its renter experience and expand its on the ground presence to another 30+ metro areas.
“We are elated to be partnering with Rich Boyle and Canaan Partners for the next phase of Apartment List’s growth. I couldn’t be prouder of our team and what we’ve built together since we launched Apartment List five years ago, but this is just the beginning,” said John Kobs, CEO and co-founder.
Apartment List offers the only transaction-based marketplace for long-term rentals, offering incentives between the renters it serves and the landlords who advertise on the platform. Since transitioning from a metasearch platform to a marketplace, Apartment List has grown revenues 4x over the past year and now reaches over 4 million renters monthly.
Apartment List now has over 2.4 million apartments and works with many of the industry’s top owners and managers, including Greystar, Equity Residential, Avalon Bay, and Camden. By focusing on integrating directly with each of these clients, Apartment List can offer renters real-time unit availability, detailed amenities, and online tour booking.