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Zumper raises $6.4M to corner the rental market

Zumper Inc., which offers a platform that allows you to list, find and apply for apartment rentals, has raised $6.4 million as a Series A1, a year after raising a $6.5 million Series A round. This round was again led by existing investors Goodwater Capital and Kleiner Perkins Caufield & Byers.

Zumper is an end-to-end real estate platform, taking renters from search through to application and close. The company also offers a Zumper Pro platform, which gives landlords and agents easy access to marketing and tenant screening.

Anthemos Georgiades, co-founder and CEO of Zumper, told TechCrunch that the platform now has over 1.5 million monthly visits, with 70 percent of those visits coming from mobile devices.

Zumper now processes over 1 million listings each month, of which about 10 percent are listed via its Zumper Pro platform. The rest are pulled from over 300 data feeds, accessible via direct relationships with landlords and brokerages.

The company makes money two ways: A featured listings option allows landlords to pay a small fee to Zumper in exchange for their listing being prominently featured on the platform. Georgiades said about 20 percent of landlords opt to pay to feature their listings.

The second revenue source is an application fee that Zumper charges to applicants in return for running their credit and criminal background. These two features drive significant revenue; the company announced today that it is now making more than $1 million in annual revenue.

Zumper not only competes with Craigslist, but also newer listing startups like RadPad, ApartmentList, Lovely and more. Plus, Zillow acquired HotPads a few years ago to move into the rental listing space.

The company is planning on raising a larger Series B round in about a year, and will use this funding to grow the team and further develop Zumper Pro.

Mike Wheatley

Mike Wheatley is the senior editor at Realty Biz News. Got a real estate related news article you wish to share, contact Mike at mike@realtybiznews.com.

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