MADISON, Wisc.–(BUSINESS WIRE)–Rentable, a rental platform on a mission to make rentals the next category of e-commerce, today announced a $22.5M Series B investment led by Susquehanna Growth Equity.
The investment comes on the heels of significant growth for Rentable. The company achieved profitability in 2020, with revenue nearly doubling year-over-year. As a result, Rentable saw a significant increase in valuation from the company’s most recent round of financing.
Rentable operates one of the largest online apartment marketplaces in the U.S. The marketplace is used by millions of renters — particularly Gen Z — each year to find a home. In addition to capturing a unique, young renter audience, Rentable offers property managers a platform of tools that digitizes the leasing process, including market positioning and pricing, listing and ad management, and lead management.
Alec Slocum, CEO and Co-Founder of Rentable, said, “Rentable was founded with the simple goal of fixing rental search in our hometown of Madison, and it has grown to become one of the largest rental marketplaces in the United States with next to no advertising spend. Our team is rapidly working to transform the rental experience from a classifieds model to an e-commerce model, where renters can search, tour, and apply for apartments from their couch. We are excited to be partnering with SGE to supercharge the ability to bring our vision to life.”
The investment will enable Rentable to continue scaling its products and services while doubling its workforce over the next 12 months with a focus on sales, engineering, product, and business development professionals. Additionally, Rentable will expand its executive team with the appointment of a VP of People, VP of Product, VP of Growth, VP of Finance, and VP of Customer Success.
Josh Elser, Managing Director at Susquehanna Growth Equity, commented, “We are delighted to partner with Rentable as they continue to scale their team and offerings. The rental process can be agonizing for both renters and property managers. Rentable is well poised to disrupt and evolve this industry, and we look forward to working with Alec and his team through their next phase of growth.”
To learn more about Rentable, search for a place to rent, or to list a property with Rentable, visit Rentable.co or download the Rentable app on your mobile device.
Rentable, formerly known as “ABODO”, is a real estate technology company that provides a seamless e-commerce rental experience to renters and property owners. Founded in 2013 in Madison, WI, Rentable works with property managers in all 50 states and has helped tens of millions of renters find homes. Rentable believes that renting should be a frictionless e-commerce experience. To learn more, please visit Rentable at www.rentable.co.
ABOUT SUSQUEHANNA GROWTH EQUITY
Susquehanna Growth Equity, LLC (SGE) is an entrepreneur-centric growth equity fund with flexible capital and time horizons. SGE is exclusively focused on growth-stage software, internet and information services companies. The firm has invested over two billion dollars in 70+ market-leading technology companies over the last 15 years and has portfolio companies across the US, Canada, Europe, and Israel. SGE is backed by a unique and patient source of capital, enabling the firm to give entrepreneurs and management teams freedom and flexibility to maximize growth. To learn more, please visit www.sgep.com.