SAN FRANCISCO, Sept. 18, 2018 (GLOBE NEWSWIRE) -- Zumper, the largest residential rental startup in the United States, today announced that it has raised a $46 million Series C funding round of financing from Axel Springer and Stereo Capital. The funding will be used to build out an end-to-end platform for its growing audience, which already delivers more than 8 million visits per month.
In addition to Axel Springer and Stereo Capital, Blackstone joined Zumper’s Series C fundraising, along with existing investors Dawn Capital, Foxhaven Asset Management, Kleiner Perkins, Breyer Capital, Scott Cook, Goodwater Capital and xfund. This brings Zumper’s total funding to date to $90 million.
“Rental search alone is just not good enough for today’s consumer, with nearly every industry from mattresses to groceries undergoing disruption to bring direct to consumer, end-to-end solutions,” said Anthemos Georgiades, CEO and cofounder of Zumper. “After moving apartments seven times in my 20s, it was clear the rental industry was ripe for change. Zumper is well on its way to reshaping the way both consumers and landlords interface with rentals. We will make it as easy as a single click with our ‘Book Now’ platform rolling out in the coming months.”
With more than 10 million rental transactions taking place every year in the U.S., often taking weeks to complete, Zumper aims to transform today’s cumbersome renting process with new product rollouts including the development of a booking feature, enabling anyone to pre-qualify, reserve and ultimately book an apartment or home for rent instantly. To support this growth, Zumper will be expanding its team, bringing on 50 new staff into its San Francisco HQ in the coming months.
“As a client of Zumper and one of the largest landlords in the US, Blackstone is keenly focused on technological innovation to improve the rental process for both renters and landlords. Partnering with the best-in-class Zumper team to effectuate this industry change is the definition of a win-win situation,” said Sean Muellers of Blackstone who will act as a board observer.
Leveraging proprietary data, Zumper’s platform and algorithm uses machine learning to predict prices for rental properties, provides recommendations on how to price properties and is able to confidently recommend rentals based on search history.
To support its growing audience, Zumper today has also launched a new website and iOS and Android apps, offering faster search, more advanced filters and an improved UX. To learn more about Zumper, please visit www.zumper.com or download the Zumper app on your iOS or Android device.
About Zumper, Inc.
Zumper aims to make renting an apartment as easy as booking a hotel. With more than 8 million visits per month, Zumper’s free online and mobile rental search platform has become the largest startup in the industry. Headquartered in San Francisco, Zumper has more than 120 staff and acquired PadMapper in 2016. The company has raised a total of $90 million in funding from investors including Kleiner Perkins, Goodwater Capital, Axel Springer, Stereo Capital, the Blackstone Group, Breyer Capital, Foxhaven Asset Management, Andreessen Horowitz, Greylock, NEA, CrunchFund, xfund, Dawn Capital, Divco West, Marcus & Millichap, Scott Cook, and the DeWilde Family Trust. Learn more at Zumper.com.
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