Total amount raised
$171 Millions
Latest funding date
08/01/2021
Location
Bungalow has successfully raised significant funding over multiple rounds, with its latest being a Series C. The platform offers home rental services, aiming to provide the best room and home rental experience.
Keep reading to explore the intricacies of Bungalow's fundraising journey and the investors backing this innovative platform.
What Is Bungalow?
Bungalow, founded in 2017 in San Francisco, California, is a residential real estate platform that offers renters a more convenient and communal living solution. The company was established by Andrew Collins, Jack Abraham, and Justin McCarty.
Specializing in home rental services, Bungalow provides private bedrooms with handpicked housemates in beautifully furnished homes. Each home includes amenities such as wifi, utilities, housekeeping, and monthly community events for members.
With a workforce of 101-250 employees, Bungalow continues to expand its offerings across desirable neighborhoods in the United States.
How Much Funding Has Bungalow Raised?
- Seed Round
- Amount Raised: Not publicly disclosed
- Date: August 1, 2017
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the company's operations and develop its initial product offerings.
- Series A
- Amount Raised: $14M
- Date: August 23, 2018
- Lead Investors: Khosla Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the company's market presence and enhance its service offerings.
- Debt Financing
- Amount Raised: $50M
- Date: September 9, 2018
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support operational growth and increase the number of properties under management.
- Series B
- Amount Raised: $32M
- Date: November 18, 2019
- Lead Investors: Coatue, Founders Fund
- Valuation at Round: $192M
- Motivation Behind the Round: To scale the business and invest in technology to improve user experience.
- Venture Round
- Amount Raised: Not publicly disclosed
- Date: June 4, 2020
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To navigate the challenges posed by the COVID-19 pandemic and continue growth.
- Series C
- Amount Raised: $75M
- Date: August 24, 2021
- Lead Investors: Deer Park Road
- Valuation at Round: Over $600M
- Motivation Behind the Round: To expand into new cities and invest in technology to enhance service offerings.
Total Amount Raised: Over $171M. Current Valuation: Over $600M.
Key Investors
- Deer Park Road
- Details: Deer Park Road is an investment management firm specializing in distressed and event-driven investments. The firm led Bungalow's Series C funding round.
- Investment Focus Areas: Distressed securities, fixed income, real estate.
- Notable Investments: Not publicly disclosed.
- Coatue
- Details: Coatue is a global technology-focused investment firm that invests in both public and private markets. They participated in Bungalow's Series C funding round.
- Investment Focus Areas: Technology, media, telecommunications.
- Notable Investments: Snap, DoorDash, ByteDance.
- Khosla Ventures
- Details: Khosla Ventures focuses on early-stage investments in technology, healthcare, and clean energy sectors. They have been involved in multiple funding rounds for Bungalow.
- Investment Focus Areas: Technology, healthcare, clean energy.
- Notable Investments: Square, DoorDash, Impossible Foods.
- Founders Fund
- Details: Founders Fund invests in companies across all stages and sectors, with a particular interest in technology and innovation. They have participated in several funding rounds for Bungalow.
- Investment Focus Areas: Technology, innovation, transformative technologies.
- Notable Investments: SpaceX, Airbnb, Palantir.
- Atomic
- Details: Atomic is a venture capital firm that focuses on building and investing in early-stage companies across various sectors. They are an existing investor in Bungalow.
- Investment Focus Areas: Early-stage companies, technology.
- Notable Investments: Hims & Hers, Bungalow, Terminal.
What's Next for Bungalow?
As Bungalow looks to the future, the opportunities for growth are vast. The company plans to expand into new markets, including cities like Miami, Tampa, and Houston, aiming to increase its resident base from 3,000 to over 10,000 in the next 18 months. This expansion is bolstered by the growing demand for flexible and community-oriented living arrangements, a trend that Bungalow is well-positioned to capitalize on.
Future fundraising opportunities seem promising, given the successful Series C round and the company's ambitious growth plans. Additional funding rounds could support further expansion and technological enhancements, attracting new investors and solidifying Bungalow's market presence. However, challenges such as competition from other real estate platforms and managing rapid growth while maintaining service quality remain significant hurdles.
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