PYMNTS-MonitorEdge-May-2024

Real Estate Startup Bungalow Secures $64M In Funding

Residential real estate startup Bungalow announced it has secured $64 million in funding: a $14 million Series A led by Khosla Ventures, Atomic, Founders Fund, Cherubic Ventures and Wing Ventures, as well as a $50 million debt facility.

The company also revealed that Opendoor Founder Keith Rabois has joined its board of directors.

Founded in 2017, Bungalow aims to solve many of the issues that early career professionals face when looking to rent in urban markets. The platform does everything from matching roommates and furnishing a home’s common areas to processing rent and utilities payments and handling service requests. Bungalow also helps to create a sense of community through exclusive social events and volunteer opportunities so residents can get to know each other.

“My co-founder and I felt the pain of renting in a new city. It was hard to find a great home and even harder to build a supportive community away from friends and family,” Andrew Collins, co-founder and CEO of Bungalow, said in a press release. “We founded Bungalow to give early career professionals the ability to live in a beautiful and affordable home, in the neighborhood they want, and with a great community surrounding them.”

Since its launch, the company has operated in the Bay Area, Los Angeles, New York, San Diego and Seattle. It also announced today that it has added two new markets to its platform: Portland and Washington, D.C., putting it on track to be in 12 major U.S. markets by the end of 2018. There are also plans for global expansion in 2019.

“Bungalow is taking on the $650 billion rental market for early career professionals and it may prove to be a bigger total market size than travel and taxis,” said Jack Abraham, founder and managing partner at Atomic. “By leveraging the existing housing stock and connecting demand with compelling long-term leases, Bungalow is poised to continue its growth to the rest of the country and around the globe.”

PYMNTS-MonitorEdge-May-2024