Rent College Pads raises $850,000 in $1 million funding round

Company has more than doubled the number of campuses it serves since August 2015

Money

Milwaukee-based Rent College Pads Inc. has raised $850,000 in a funding round that began Sept. 1 offering  $1 million in equity, according to a Sept. 14 SEC filing.

The company, founded in 2012, developed a website that allows college students to find and compare off-campus housing options. Rent College pads started in the 96square co-working space at 1101 N. Market St. but has since moved into a 5,500 square-foot-space in the same building to accommodate growth.

The company declined to disclose its revenue in the filing about the funding round, which had 13 investors.

“Our goal is to simplify the college housing search for students at every college across the country.” said Dominic Anzalone, chief executive officer of Rent College Pads, in a statement released Friday. “We’ve gone from an idea I drew out in my college apartment to a nationwide company pretty quickly. It’s been awesome to see what we’ve created in these markets.”

In August 2015, the company raised $450,000 through its first funding round offering $500,000 in equity, according to an SEC filing. That round had seven investors.

Both funding rounds were led by the Milwaukee-based Wisconsin Super Angel Fund.

Rent College Pads has more than doubled the number of campuses it serves in the past year. The company, which according to its website currently has a presence on 46 campuses in 20 states, was serving 18 campuses during its last funding round in August 2015.

The company said it will use the money raised through this round of seed funding to fuel growth and plans to expand into a total of more than 100 campuses by the end of 2017.

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Ben Stanley, former BizTimes Milwaukee reporter.

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