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Bungalow To Raise $75M In Series C Funding

Roommate marketplace Bungalow on Tuesday (Aug. 24) announced that it’s planning to raise $75 million in Series C funding.

Deer Park Road is leading this round of fundraising, with participation from existing investors Atomic, Founders Fund, Coatue, Khosla Ventures and others. The round will bring Bungalow’s total funding to more than $150 million.

“As you might imagine, the rental market was one of the most impacted sectors of residential real estate during the pandemic, and I fully credit the strength of our team and our platform in positioning Bungalow for a stronger comeback than I could have imagined possible,” said Andrew Collins, CEO and co-founder of Bungalow, in the company announcement.

“As we re-emerge and recover from a global crisis, this infusion of capital puts us in a very strong financial position to capture both homeowner and resident demand,” Collins said. “This new funding and support from our investors enables us to continue to innovate and accelerate our growth as we expand to new markets and bring the Bungalow experience to thousands more across the country.”

Bungalow recently launched a digital-first renting experience for homes.

“Human connection is a premise that has never been so sought after, and we have been incredibly impressed with Bungalow’s ability to offer beautiful homes in the locations where urban renters want to live, while offering access to an established community,” said Scott Burg, chief investment officer, Deer Park Road, in the joint announcement. “We are thrilled to be joining Bungalow on this journey, and look forward to supporting their growth as they continue to innovate and expand to new markets.”

Bungalow operates in 16 U.S. cities and towns, with plans to expand to Atlanta, Houston, Miami, Phoenix and Tampa by the end of this year. The company serves more than 3,000 residents in more than 700 homes.

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Last month, personal shopper and same-day delivery service Shipt launched a partnership with the housing developer Continental Properties to provide free Shipt memberships to residents at about 60 properties.

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