HomeRoom, a Y Combinator–backed residential real estate marketplace, announced a new $4.5 million seed round co–led by New Fund Capital and 1984 VC. This new funding round comes after two prior rounds of fundraising, bringing the total amount of capital raised by HomeRoom to $7.8 million. According to HomeRoom CEO Johnny Wolff, the new funding will be used to further develop the company‘s product for investors who are buying remote properties.
“There‘s like 10 things to figure out in the problem (we address) and I think we finally have gotten all 10,” Wolff told bizblip. “So it‘s, our marketplace is performing well, for investors, they‘re really happy with how easy it is, there‘s nothing for them to do. And it allows us to get inventory for our marketplace. So there‘s more rooms for tenants to live in. That‘s enabled us do a lot of growth.”
HomeRoom, which is headquartered in Kansas City, Missouri, was founded in 2018 and currently employs 55 full time workers. Wolff believes that HomeRoom‘s success is due to its ability to integrate technology and real estate operations, noting that “With our customers, a lot of those issues (like a tenant with a clogged toilet) are pretty important, pretty quick.”
The new funding round actually closed last year but it wasn’t reported on CrunchBase or Pitchbook. Homeroom’s prior funding came from earlier investors including Y Combinator, BBQ Capital, Goodwater Capital, Asymmetry Ventures and investor Apurv Garg.
HomeRoom plans to use the most recent funding to continue to grow and expand its operations.
“If you can do those things, it‘s is very few people that can spin that up. Right. And it‘s a rare crossover of tech people with heavy and field real estate operations experience,
” Wolff said. “So I think that that makes the competitive landscape, you know, more open than it should be for how big the space is, which makes it really exciting for us.”
Links:
