Abodo CEO Alec Slocum says his company will “continue to expand” after closing a $4.8 million fundraising round.
The company, whose technology helps apartment-seekers find a place to live, is going to be adding members to its executive team and hiring developers. Last week, for example, Abodo hired Kari Schneider from Zendesk as its VP of sales.
“We’re going to keep growing into more and more cities and bringing in some more people,” Slocum said.
Slocum says the company has about 500,000 monthly active users across the country. And though it has listings in Chicago and New York, the company focuses on college towns like Madison. The 30 cities it focuses on are largely in the Midwest, but it also lists cities like Gainesville and Tallahassee.
The company, which has 28 employees, has raised more than $8 million since launching in 2012 as MoveInMadison.com.
The fundraising round was led by 4490 Ventures, whose managing director, Greg Robinson, said Abodo is “bringing innovation to a sector that has lacked significant innovation for decades.”
“Abodo gives a younger apartment seeker an experience that is modern and consistent with their mobile lifestyle,” Robinson said.
Other investors included American Family Ventures and Flyover Capital, a Kansas venture capital fund that’s now made its first investment in the state. Slocum said such out-of-state investments are picking up with companies like EatStreet and Ionic.
“I think you’re going to see more of that,” Slocum said.
— By Polo Rocha,