Residential market, Bungalow, Libra

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SAN FRANCISCO, Aug 24, 2021 (GLOBAL) – Bungalow, one of the largest and fastest growing roommate marketplaces in the United States, today announced a $ 75 million raise in Series C funding led by Deer Park Road. with existing investors including Atomic, Founders Fund, Coatue and Khosla Ventures, bringing the company’s total funding to date to over $ 150 million.

While Bungalow is in the midst of a pandemic, the market has recovered quickly, with traffic to the site in Q2 2021 increased 108% over the same period last year and now exceeds pre-2019 Covid levels by more than 40%. … With factories and offices reopening and more people wanting to live in cities again, Bungalow is seeing rising demand and recovering prices in all key markets. The volume of chat with roommates that connects potential customers with current housemates more than doubled from March 2021 to June 2021, and the number of renewals increased by +15 points compared to last year.

“As you can imagine, the residential rental market was one of the hardest hit residential sectors during the pandemic, and I fully trust the strength of our team and our platform in positioning Bungalow for a stronger comeback than I could have imagined,” said Andrew Collins , CEO and co-founder of Bungalow. “As we emerge from and recover from the global crisis, this capital injection puts us in a very strong financial position to meet the demand of both homeowners and residents. This new funding and support from our investors allows us to continue to innovate and accelerate our growth as we enter new markets and provide bungalow opportunities to thousands of people across the country. ”

Founded in 2017, the bungalow was inspired by the hardships tenants face in finding affordable housing and a sense of community. It was almost impossible to find these two things together. Collins, along with his COO and co-founder Justin McCarthy, identified a gap in the residential real estate market and seized the opportunity to create affordable rental options for people looking to relocate to new cities without an established personal network. Since then, Bungalow has helped countless people find community through cohabitation, and more recently, Bungalow has expanded its product range to digitally and conveniently rent entire homes for the first time. Residents appreciate the special experience Bungalow has to offer, as evidenced by its best-in-class renewal rates.

“Human connectivity is a prerequisite that has never been more in demand, and we were incredibly impressed with Bungalow’s ability to offer beautiful homes where urban tenants want to live while offering access to an established community,” said Scott Burgh. Investment Director, Deer Park Road. “We’re thrilled to be joining Bungalow on this journey and look forward to supporting their growth as they continue to innovate and enter new markets.”

As a two-way marketplace, Bungalow also helps homeowners and investors earn up to 50% more NOI on their investment properties than with traditional property management systems. By partnering with Bungalow, homeowners benefit from a technology platform that enables AI pricing and seamless integration into leading marketing channels, delivering 2x more leads and half-time occupancy compared to industry averages. In addition, Bungalow is opening up the single-family home market for investors in new and sustainable ways, offering access to the top-tier markets that have historically been highly prized where millennial tenants want to live.

Serving over 3,000 residents and more than 700 homes, Bungalow is currently operating in 16 major US centers with plans to expand to 5 additional cities by the end of 2021, including Miami, Tampa, Atlanta, Houston and Phoenix.

ABOUT BUNGALOW
Bungalow is a residential real estate platform offering beautiful homes with great roommates combined with a seamless digital experience for aspiring professionals. The company takes care of everything from finding great roommates and furnishing common areas of the home to optimizing rent and utility bills and handling service requests, eliminating the hassle of renting. In addition, through its network, Bungalow helps its residents build a thriving community. Bungalow is able to offer rooms in the most attractive neighborhoods by working directly with homeowners looking for a guaranteed income but not wanting to sell their homes. Founded in 2017 by Andrew Collins and Justin McCarthy, the company currently has over 3,000 neighbors in hundreds of homes in 16 markets. For more information visit www.bungalow.com or subscribe to Bungalow on Instagram, Twitter, and Facebook

MEDIA CONTACTS:
bungalow@praytellagency.com



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