SAN FRANCISCO, CA - Apartment List, the fastest-growing apartment search engine that is reinventing the rental market, announced $6 Million in additional funding, led by Glynn Capital and Passport Capital. The company will use the follow-on round of funding to continue its mission of digitizing the entire rental process from start to finish.
The additional round comes from top Silicon Valley investors and entrepreneurs, just three months after an initial $15 Million Series A round raised in November 2013. Investors include Shervin Pishevar, Managing Partner & Co-Founder, Sherpa Ventures; Scott Stanford, Co-Founder, Sherpa Ventures; Sam Shank, CEO, HotelTonight; Rick Marini, Founder & CEO, BranchOut; Aayush Phumbhra, Co-Founder, Chegg Inc.; Rony Kahan, Chairman & Co-Founder, Indeed; Lee Linden, CEO, Karma; Ethan Anderson, CEO & Founder, MyTime; Rothenberg Ventures; Passport Capital and Glynn Capital.
“Our growth continues to skyrocket, and we are thrilled to receive the additional funding so soon after our initial round,” said John Kobs, CEO of Apartment List. “With these extra funds, we will be able to accomplish more in less time and continue on a path of accelerated growth, with the mission of closing the rental loop for consumers from beginning to end.”
The Apartment List team now includes 70 employees nationwide, with more top-talent hires on the horizon. The company acquired RentAdvisor in October 2013 to create additional transparency into rental process, adding more than 20,000 reviews and ratings to the company’s listings. Amid 75 percent year-over-year revenue growth, Apartment List has kept a strong focus on mobile, which now accounts for 65 percent of the total 2.2 million monthly visits to Apartment List on a national scale – up from 1.7 million visitors in December 2013.
As the company continues to build a strong mobile-first platform, it is also looking well into the future to bring antiquated, non-digital means of signing rental agreements and paying landlords to an end. This vision of contacting landlords, signing contracts and paying rent all directly through the mobile app will further promote trust and transparency for all parties involved in the rental process.