Zumper, an online apartment search platform, raised $17.6 million in a Series B fundraising round, bringing its total funding to $39.2 million. The round was led by Breyer Capital and Foxhaven Asset Management, with additional funding from previous investors including Goodwater Capital, Kleiner Perkins Caulfield & Byers and Marcus & Millichap.
The San Francisco-based Zumper’s core product is a free online rental search platform. It claims to have built up a user base of 40 million renters per year on Zumper and its subsidiary PadMapper.
Zumper also offers a paid service for landlords and brokers to manage their listings and screen tenants.
TechCrunch first reported the news of the funding, and Zumper told the site that monthly revenues had grown five-fold since the beginning of 2016. The startup’s annual revenue for 2015 was north of $1 million, according to TechCrunch.
The funding will go towards scaling up Zumper’s core search platform, expanding Zumper’s paid service, and developing a new product to keep renters using the platform even after the apartment search.
PadMapper, which Zumper acquired earlier this year, caters to a younger demographic of college students and post-college young professionals. It will remain its own platform.
Zumper’s Series B comes at a time when venture capitalists seem less enthusiastic about pumping money into real estate tech startups. The second quarter of 2016 saw the fewest venture capital deals for real estate startups in four years, as The Real Deal reported in August.