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RadPad, the millennial focused rental marketplace, announced a $9 million Series A funding today.
The company, which was born in 2013 out of frustration with existing apartment rental services, differentiates itself by requiring at least three good photos from each apartment posting and the ability to pay rent via mobile or online. According to the company, based on this simple premise of providing clear and accurate information RadPad has gained considerable traction. In Los Angeles, RadPad has more listings than Craigslist.
“When we started RadPad there was a lot of pressure on us to do what other rental marketplaces were doing and continue to do today – build for landlords,” said Jonathan Eppers, co-founder and CEO of RadPad, in a statement. "But we look at the rental market differently. We see it from the side of renters, who often hate this process and have no loyalty to rental platforms. Renting has become a lifestyle and younger people love the convenience and flexibility that comes with renting... Now just two years into it, we’re realizing that our obsessive focus on product execution is really resonating with renters.”
In April, RadPad hit one million downloads of its mobile app and last month, renters used RadPad more than two million times to find their new apartment. RadPad currently has teams in Los Angeles, Chicago, Washington DC, San Diego, San Francisco, Miami, Houston and Seattle.
Altpoint Ventures led the round with participation from Goldcrest Investments. The investment brings the Amplify graduate's total funding to date to $13 million.
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