Housing startup raises $14 million

Housing startup raises $14 million
The Siliconreview
24 August, 2018

Moving to a new metropolitan city is always a hassle for most people. In addition to looking for a suitable house, immigrants also need to make arrangements for furniture, wifi and high deposits. Bungalow is one of the latest in a new breed of startups to offer innovative solutions for professionals looking for accommodations in a new city.

Founded in 2017, Bungalow is based out of San Francisco and has a portfolio of over 200 properties across multiple cities which include Los Angeles, San Francisco Bay Area, New York City, Portland, San Diego, Seattle and Washington D.C. It currently has about 750 residents. Aspiring residents must first undergo background checks that also include purchasing power. Additionally, they need to give interviews by existing residents.

All the properties that Bungalow operates are leased from the owners who get a portion of the rent or lease. It sublets rooms to individuals who wish to share accommodations. Moreover, the startup also handles other necessities such as housekeeping, wifi and basic furnishing. It plans to use the additional funding to expand to more cities as well as other countries.

This was a $14 million Series A was led by Khosla Ventures and backed by Founders Fund, Atomic VC, Cherubic Ventures and Wing Ventures.