The Series D funding round closed at a total of $60 million with contributions from several celebrities, including NBA player Andre Iguodala and actress Priyanka Chopra Jonas.
Online rental marketplace Apartment List recently closed its upsized Series D funding round with a total of $60 million dollars raised.
While the series was led by global asset manager Janus Henderson Investments, several celebrities, including Priyanka Chopra Jonas, Lizzo, A-Rod Corp (founded by Alex Rodriguez, who purchased a East Village multifamily apartment building in 2019), Miami Heat player Andre Iguodala, Daryl Morey (president of basketball operations for the Philadelphia 76ers) and Anjula Acharia (investor and Chopra Jonas’ manager) also made contributions.
The company initially announced the funding round at the end of December, and at that time had raised $50 million. As of now, the company’s valuation has more than doubled since its Series C round to more than $600 million. Its platform hosts over 30 million registered users and more than 5.5 million units.
Apartment List plans to use the funds to accelerate the company’s growth by “building curated insights for all renter segments and flexible pricing options for properties,” a press release states.
“We’re thrilled to close our Series D round with the support of such respected, diverse and notable investors,” John Kobs, Apartment List CEO and founder, said in a press statement. “Continuing our mission to help renters find a home they love and the value they deserve, we are looking forward to expanding our reach and providing renters with a personal concierge in their pocket.”
Over the course of the pandemic, the rental market has seen plenty of ups and downs as many people reevaluated their lifestyles and where they want to live. But Apartment List said the market’s growth potential is significant, with more than one third of the U.S. population living in rentals, and those renters being four times more likely to move every year than homeowners.
“Rentals is the last remaining classified category not yet won by a modern-day startup,” Dana Stalder, a general partner at early Apartment List investor Matrix Partners, said in a statement. “And Apartment List is well positioned to lead the charge — a strong and fast growing disruptor that’s only been accelerated in the pandemic.”
Apartment List cited its combined tech and mission-driven approach as a primary factor in attracting celebrity investors during the funding round.
“These elements resonate deeply with artists, investors, and philanthropists alike — including Priyanka Chopra Jonas and Lizzo, luminaries who are excited about both reinventing the rental experience and making a difference through Apartment List’s Home Bridge program, which connects families in need with real estate companies eager to serve their communities,” a press release states.
Apartment List’s Home Bridge program works to help displaced families find relief during times of crisis, and partners with several other charitable organizations like Ronald McDonald House Charities.