Mdrn. describes itself as a vertically integrated brokerage, with a focus on property management, leasing, roommate searches and design. It also operates Stoop, which lets tenants rent properties for a full year or on a month to month basis. The two brands operate as separate companies but closely entwined via their common ownership.
The plan is for the $1 million seed funding to be evenly split between the two companies, though Mdrn. plans to expand Stoop as a means of growing its own brokerage business. In an interview with Inman, Mdrn. founder Zach Ehrlich said Stoop was a kind of “StreetEasy” that’s powered by integrated agents.
“The capital will enable both companies to expand on their core real estate operations and technology infrastructure,” Ehrlich said in a statement. “This includes Stoop’s portfolio of turnkey, thoughtfully designed living spaces, as well as Mdrn.’s existing sales and leasing operations.”
Mdrn. refused to name its investors, merely saying it was being backed by “New York real estate families” and some Israeli investors.
Mdrn. said that it’s planning to use the new funds to expand Stoop’s inventory and hire new staff to its teams. In addition, Mdrn. will expand its own infrastructure and technology, and attempt to sign up more agents on its platform. In future, the company is also eying an expansion into other markets, specifically in the Northeast and South regions.