SAN FRANCISCO — Rental marketplace Apartment List has raised $50 million in Series C funding. John Burbank, Founder of Passport Capital, led the round and will join the company’s Board of Directors. The financing, which brings Apartment List’s total funding to $110 million, included participation from Allen & Company LLC, Canaan Partners, Industry Ventures, Matrix Partners, Quantum Partners LP, a private investment fund managed by Soros Fund Management LLC, Tenaya Capital, and WTI.
“Apartment List exists to make sure renters have an equal place in today’s housing market,” said John Kobs, CEO and co-founder of Apartment List. “Renters deserve the same personalized, seamless, white-glove experience that buyers get. We’re innovating our marketplace and scaling our business to help people make better, smarter decisions about where they live and we won’t stop until we’ve won this market. This investment brings us one step closer to that goal.”
In the last year, Apartment List has grown the number of properties on its marketplace by 50 percent and now powers nearly 4 million listings or 10 percent of U.S. rentals today. The company will use the new funding to expand its market share by growing its property inventory to include smaller apartment buildings and single-family homes in addition to its current footprint of large apartment communities. In 2018, the company expects to double its headcount.
“Today’s rental market is experiencing a major shift, as more and more people delay homeownership. There is a huge opportunity to capitalize on this underserved segment,” said John Burbank, Founder of Passport Capital. “Apartment List is the most innovative and user-focused platform for renters today. I look forward to working closely with John, Chris and the entire team as they grow and scale their business.”
Apartment List is changing how people find a place to live by offering a highly customized experience that is built on personal priorities: renters are informed of new listings based on desired amenities and real-time price shifts while booking tours and communicating directly with landlords within the platform. Unlike other rental platforms, landlords only pay Apartment List when a lease is signed, saving them time and money.
“We expect to help 1 out of every 64 renters that move this year in the U.S. find a home,” said Chris Erickson, COO and co-founder of Apartment List. “By listening to the needs of renters, we plan continue improving the overall renting experience from first search to lease signing.”
Last year, Apartment List more than doubled the number of leases signed on its platform. The company also recently announced a number of notable partnerships to expand its reach, including a major partnership with Facebook Marketplace to power rental listings on the site as well as exclusive partnerships with realtor.com, Homes.com and Doorsteps.com.