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Apartment List raises $50M venture round –– IPO on the horizon?

CEO John Kobs (AP)

Apartment List, a rental platform, has raised a $50 million equity round led by Janus Henderson Investors, Bloomberg first reported. The startup has benefited from a surge in usage, as the COVID-19 pandemic has caused more people to move. The fresh round doubled its prior valuation to more than $600 million.

  • What they do: Founded in 2009, the Silicon Valley startup collects fees whenever a listed apartment is rented, unlike competitors such as Craigslist and StreetEasy. This year, the company said it helped more than 175,000 people find new places to live.
  • By the numbers: The 11-year old company said it has more than 30 million registered users and over 5.5 million units on the platform. The new funds will go toward building out its sales effort and attract potential renters.
  • Other investors include: Allen & Co., Canaan Partners, Tenaya Capital and Quantum Partners LP, Soros Fund Management.
  • Heard in the Valley: Dana Stalder of Matrix Partners, which previously invested in the startup: “Rentals is the last remaining classified category not yet won by a modern-day startup. Apartment List is well-positioned to lead the charge.”
  • IPO is the next logical step: CEO John Kobs: “Being public has always been a goal of mine, and there’s a lot of appetite from institutional investors to support a company like Apartment List.” [Bloomberg]

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