Online apartment rental technology company Rentable raised $22.5 million and has plans to double its workforce by the end of 2022, the Madison-based startup recently announced.
Formerly known as Abodo, Rentable’s online marketplace provides property managers with a platform that digitizes the leasing process, including market positioning and pricing, listing and ad management as well as lead management.
The Series B fundraise, led by Susquehanna Growth Equity, follows a significant pattern of growth for Rentable, which achieved profitability and nearly doubled its revenue year-over-year in 2020, according to the company.
Rentable started as a platform to improve rental searching in Madison but has since become one of the largest online apartment marketplaces in the U.S. with “next to no advertising spend,” Rentable CEO and co-founder Alec Slocum said in a statement. The marketplace is used by millions of renters in the U.S. with the majority of its user-base coming from Gen Z renters, according to the company.
“Our team is rapidly working to transform the rental experience from a classifieds model to an e-commerce model, where renters can search, tour, and apply for apartments from their couch,” Slocum said in a statement.
The investment will allow Rentable to continue scaling its products and services while doubling its 90-person team over the next year. Rentable will expand its executive team and also hire sales, engineering, product and business development professionals, according to the company.
The majority of Rentable’s employees are currently in Madison although it does have employees in the “double digits” in Milwaukee – the rest are scattered throughout the U.S., according to a Rentable spokesperson.