Apartment rental listing platform Zumper plans to hire 50 or more employees in the San Francisco Bay Area over the next six months, with a $46 million in a Series C funding round led by media giant Axel Springer, the company announced Tuesday.
Stereo Capital and Blackstone Group also participated in the round, along with existing investors Kleiner Perkins Caufield & Byers, which funded the company’s seed round, Dawn Capital, xFund, Breyer Capital and Goodwater Capital. Zumper’s total funding to date is $90 million.
“Both Axel Springer and Zumper are interested in the next generation of real estate tech in residential markets and what a true end-to-end platform looks like in the U.S.,” Anthemos Georgiades, Zumper’s co-founder and CEO, said. “That’s what we’re going to execute with them as one of the investors in the round.”
The company will almost double the size of its San Francisco office, hiring 50 or more engineering, data science and operational employees. Currently, Zumper has 100 employees nationwide, with 60 based in San Francisco.
Georgiades would not disclose exact revenue, but said Zumper has tripled revenue in the last two years.
With more employees, Zumper will focus on adding more features to its platform, he said. The company, for example, plans to release a “book now” feature that lets users make a deposit and take listings off the market with a single click. Longer term, Georgiades envisions Zumper handling transactions after renters move in, such as paying rent, setting up cable service or buying renters insurance.
“In two or three years' time, we want to be known as a booking platform for apartments, not just a search platform for apartments,” he added.
Zumper shows available apartments for rent, and lets users create one application to apply instantly for several listings. For landlords, Zumper provides a hub for screening tenants and collecting application fees. The platform displays more listings per month than many other rental companies,1 million new postings per month. Apartments.com, for example, lists 400,000 properties nationwide, according to its website.
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