Apartment List, a San Francisco, CA-based rental marketplace, raised $50m in Series C funding.
The round, which brings total funding to $110m, was led by John Burbank, Founder of Passport Capital, who will also join the company’s Board of Directors, with participation from 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.
The company intends to use the funds to expand its market share by growing its property inventory to include smaller apartment buildings and single-family homes in addition to its current presence of large apartment communities, and to double its headcount.
Co-Founded by CEO John Kobs and COO Chris Erickson, Apartment List is an online apartment rental marketplace which currently has over four million units on the platform and has reached more than 150 million users in over 40 cities since launch.
It offers a 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. Landlords only pay Apartment List when a lease is signed.
The company recently announced a number of 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®.