PadSplit, an Atlanta, GA-based shared housing marketplace specifically designed for the workforce, raised $20.5m in Series B funding.
Backers included Core Innovation Capital, Impact Engine, Citi, Alate Partners, Mark Cuban Companies, and Cox Enterprises, amongst others.
The company will use the capital for market expansion and launch of a new solution for real estate investors to create PadSplits, as a means to create more housing supply.
Founded in 2017 by CEO Atticus LeBlanc, PadSplit is a shared housing marketplace that provides housing specifically designed for the workforce. As a Public Benefit Corporation, the company focuses on increasing housing supply and decreasing barriers to access. Its model allows individuals to find a flexible, long-term rental option that includes furniture, utilities, and access to public transit, all without a minimum credit score. The technology platform also enables personalized rent payments that facilitate budgeting and allow residents to improve their financial health. The company operates more than 2,500 shared housing units across the country.
Today, PadSplit has available rooms in Atlanta, Houston, Richmond, Tampa, Indianapolis, New Orleans, and San Antonio, with multiple new markets under development. The company is continuing to expand with plans to add more units to its marketplace, for more than 3,500, by the end of the year. To power this next round of growth, PadSplit is also hiring for many open, all-remote positions.