Apartment List Series B

News provided by

Nov 03, 2016, 05:26 ET

SAN FRANCISCO, Nov. 3, 2016 /PRNewswire/ -- Apartment List, the fastest growing rental marketplace, is excited to announce $30MM raised in Series B funding. The round was led by Canaan Partners, with participation from existing investors Matrix Partners and Glynn Capital. Apartment List will use this round of funding to continue investment in its industry-leading renter experience and expand its on the ground presence to another 30+ metro areas. Rich Boyle, Partner with Canaan and previously Chairman and CEO of LoopNet, will be joining the Apartment List Board.

"We are elated to be partnering with Rich Boyle and Canaan Partners for the next phase of Apartment List's growth. I couldn't be prouder of our team and what we've built together since we launched Apartment List five years ago, but this is just the beginning," said John Kobs, CEO and co-founder.

Apartment List offers the only transaction-based marketplace for long-term rentals, completely aligning incentives between the renters it serves and the landlords who advertise on the platform. Since transitioning from a metasearch platform to a marketplace, Apartment List has grown revenues 4x over the past year and now reaches over 4M renters monthly.

Today, Apartment List has over 2.4M apartments and works with many of the industry's top owners and managers, including Greystar, Equity Residential, Avalon Bay, and Camden. By focusing on integrating directly with each of these clients, Apartment List can offer renters real-time unit availability, detailed amenities, and online tour booking.

The Apartment List experience is unique, taking the work out of the entire apartment search process. It provides renters with personalized search recommendations based on the features that are most important to each renter. From there, it guides renters through tradeoffs between apartments, tells renters about price changes, and makes it easy to visit apartments to make a final decision. Renters love Apartment List because it makes finding the right apartment simple and delightful.

Landlords and community managers love working with Apartment List because of its success-based model: landlords only pay when a renter signs an actual lease. Focusing on this transaction ensures that Apartment List continually provides high-quality, high-intent renters who are ready to move, which saves landlords time and money and results in leases.

"As Americans continue the shift towards renting for the long-term, the need for a better way to match renters and landlords has never been greater. With cutting edge, mobile first technology, and a success-based business model, Apartment List is truly unique in the space," said Rich Boyle, Partner with Canaan Partners. "I am thrilled to work with John, Chris and the entire team during this period of exceptional growth."

More than 37% of households rent and that number has grown by 7M renters over the past decade. The Apartment List team is dedicated to continuing to offer the most innovative search experience for this growing population of renters, and the lowest cost and highest quality lease solution for landlords.

About Apartment List

Apartment List is the fastest-growing apartment rental marketplace, listing over two and a half million units nationwide and reaching more than four million renters each month. Apartment List launched in September 2011 and was founded by CEO John Kobs and COO Chris Erickson. Apartment List has been named one of Forbes' "Top 25 Most Promising Companies" and has been named one of Inc's "Fastest Growing Private Companies in the US".

About Canaan Partners

Since 1987, Canaan has partnered with entrepreneurs to catalyze the growth of disruptive technology startups and healthcare companies revolutionizing the practice of medicine. The firm targets early-stage investments across a wide range of sectors including financial technology, marketplaces and enterprise software, as well as biopharma, oncology and digital health.

With $4.2 billion under management and over 180 exits to-date, Canaan was the first and lead investor in Lending Club, the fourth largest internet IPO in the U.S., and realized nine healthcare M&As and three IPOs since 2014. The firm has funded technology companies such as eBates (acquired by Rakuten, Inc.), Metacloud (acquired by Cisco), Skybox Imaging (acquired by Google), SuccessFactors (acquired by SAP), Tremor Video and Virsto Software (acquired by VMWare), as well as notable healthcare companies such as CytomX Therapeutics, Dermira, Labrys Biologics (acquired by Teva Pharmaceutical), Novira Therapeutics (acquired by Johnson & Johnson), Spinifex Pharmaceuticals (acquired by Novartis) and Transcend Medical (acquired by Alcon).

Canaan maintains a presence in the global innovation hubs of Silicon Valley, New York and Connecticut, as well as a subsidiary in Israel. For more information, visit www.canaan.com and follow us on Twitter @CanaanPartners.

SOURCE Apartment List