Zumper closes US$60 million funding round

Property rental platform, Zumper, the largest privately-held rental marketplace in the US, announced that it has closed a $60 million funding round, bringing the total raised thus far to $150 million.

Zumper’s CEO and Co-Founder Anthemos Georgiades said the funds will be used to continue expanding the company’s footprint in the US, increasing its engineering team and investing in its ability to process rental payments online.

E.ventures led the Series D funding, with investors including Axel Springer, Greycroft, and Kleiner Perkins, including real estate players the Blackstone Group, Divco West and Marcus & Millichap.

The San Francisco-based startup’s mission is to make renting an apartment as easy as booking a hotel room by seamlessly connecting renters and landlords through their rental journey from search to close.

"Zumper's progress so far is striking, and it has quickly become the leading independent company focused on the rental market," said Mathias Schilling, Co-Founder and Managing Partner with e.ventures. "We believe that Zumper is well positioned because of its focus on providing an exceptional product for renters and great value for landlords and multi-family properties."

Zumper claims to be the first end-to-end marketplace for renters and landlords, offering renters the ability to find, apply for and then book their next apartment, as well as digitally pay their landlord their rent, all in one place.

Anthemos Georgiades, CEO and Co-Founder of Zumper said, "This fundraise helps us pull ahead of the competition in delivering this vision. Renting an apartment should be as easy as walking into an open house, leaving a deposit for the apartment, then paying your rent to the landlord, all through the same platform. This is what we have built, and now it's about scaling it."

The portal was founded in 2012, and since its launch it has grown very quickly; over 80 million people use Zumper each year to find, list, and rent properties in the US and Canada. The company has experienced 100% year-over-year revenue growth and has offices in San Francisco, Scottsdale, New York, Chicago, and Rhode Island. Zumper has also become a standard industry resource for residential rental data across the US and Canada with more than one million listings advertised and analyzed every month.

In 2016, Zumper acquired New York-based PadMapper in a deal worth nearly $10 million. At the time, both companies said that the move created the largest rental startup in the US which was due to take on Zillow.

Last year, the company introduced home rental listings on Facebook Marketplace, making it possible for US renters to filter and browse properties listed by landlords and brokers with Zumper, click to view up-to-date details such as price, square footage and pet restrictions, and send an immediate message to set up a tour or start an application.