The rental platform Condo Listing has raised $50 million in a brand new funding spherical led by Janus Henderson Buyers, doubling its valuation to over $600 million. Different backers embrace Allen & Co., Canaan Companions, Tenaya Capital and Quantum Companions LP, a fund managed by Soros Fund Administration LLC.
“Our enterprise is based on movement, and in 2020 we grew to become worthwhile,” Founder and CEO John Kobs instructed Bloomberg, as reported on Monday (Dec. 21).
He added that the COVID-19 pandemic precipitated some folks to maneuver for a wide range of causes. “Mobility stood out this 12 months as extra customers on our platform appeared to alter their residing scenario.”
Kobs instructed the information outlet {that a} public itemizing may occur in 2022 and any choice could be thought-about — preliminary public providing, merger or particular goal acquisition firm.
“Being public has all the time been a purpose of mine, and there’s plenty of urge for food from institutional traders to assist an organization like Condo Listing,” Kobs stated.
Based in 2009, the Silicon Valley startup collects charges at any time when a listed house is rented. This 12 months, the corporate stated it discovered new locations to reside for greater than 175,000 folks in Texas cities like Houston, Dallas, and Austin, in addition to Denver, Minneapolis, Charlotte and extra, he stated.
“Condo Listing’s distinctive worth proposition — on the intersection of an business we discover enticing, a supportive macroeconomic backdrop and an enormous market alternative forward — makes this a extremely distinctive and attention-grabbing funding for us,” Janus Henderson portfolio supervisor Denny Fish instructed Bloomberg.
The platform stated it has greater than 30 million registered customers and over 5.5 million items. The brand new funds will go towards constructing out its gross sales effort and entice potential renters to its platform, Kobs stated.
“Leases is the final remaining labeled class not but received by a modern-day startup,” stated Dana Stalder, a board member and accomplice at Matrix Companions, which has beforehand invested within the firm. “Condo Listing is well-positioned to steer the cost.”
The pandemic has been good for the actual property enterprise general, as millennial customers begin shopping for homes and prosperous urbanites think about a second dwelling in a rural space. In New York Metropolis, a mass exodus fueled by the pandemic noticed a glut of leases change into out there.
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NEW PYMNTS STUDY: HOW LOCATION DATA CAN HELP BANKS PREVENT ONLINE FRAUD
The November 2020 research How Location Knowledge Can Assist Banks Stop On-line Fraud, PYMNTS surveyed a balanced panel of two,141 U.S. customers who personal cell gadgets and use credit score or debit playing cards no less than month-to-month. The research examined their willingness to share cell location knowledge with FIs to maintain their accounts secure in addition to their curiosity in switching to banks that leverage geolocation instruments to forestall fraud.