Bungalow, a startup to help renters find roommates and landlords find tenants, launched publicly on Friday with $14m in VC funding.
Khosla Ventures led the round, as the company also secured $50m debt facility from an unnamed lender to assist with maintenance costs as the company’s growth continues.
Roommate matchmaker you say?
Launched in stealth in 2017 by Andrew Collins and Uber vet Justin McCarty, the SF-based company manages several hundred apartments and homes, with close to 20% of its units in New York City.
Bungalow helps homeowners who are tired of finding new tenants rent out their properties by furnishing and subletting rooms to customers who are cool to share a home with strangers.
The firm will use the funding to build out its R&D and marketing teams, and to allow them to dive into new revenue streams.
Get you a partner the millennials love
According to The Real Deal, Bungalow’s average tenant age is between 26 and 27, which means the company will look to explore partnerships with companies that are popular among millennials — like Casper and Blue Apron.
The company has placed around 750 roommates thus far with an 82% renewal rate, and it aims to be in 12 total markets by the end of the year.