Spencer Rascoff-backed rental listing platform shuts down
PocketList launched in 2020 with $3M in seed funding, 20K LA properties
UPDATED, May 21, 11:40 a.m.: A rental listing platform backed by Zillow co-founder Spencer Rascoff shut down, less than a year after it formally launched in Los Angeles.
PocketList — started by Nick Dazé and Julian Vergel de Dios in 2019 — notified eight remote employees and 20 investors last month that operations would be closing permanently. Dot.LA, a tech industry startup Rascoff founded in early 2020, first reported the news.
When PocketList list went live last July, it had 20,000 listings in L.A. and $2.8 million in seed funding. A key feature was that it allowed renters to share upcoming move-out dates with other users, potentially shortening the amount of time a unit sits vacant. PocketList claimed the average unit on the platform was shared 67 days before the landlord was given notice of a move-out and 97 days before the unit appeared on other listing sites.
Renters appeared to gain the most from using the platform, but the company had said it would also have a portal for landlords and property managers called PocketList Pro.
Venture capital firm Craft Ventures had led PocketList’s seed funding round.
“Like 99.9 percent of seed-stage startups, PocketList didn’t work out,” said David Sacks, Craft co-founder. “But it was a great product and valiant effort and we would be happy to support the founders in their next endeavor.”
As of Friday morning, PocketList’s website still advertised 80 open listings in L.A., and another 340 expected to be available soon.
The startup had plans to expand to San Francisco and San Diego last year, and Seattle earlier this year. None of those cities have listings on its website, however.
Dazé said he worked through last month to secure more funding, but “struck out,” according to dot.LA. A number of deals with large customers also fell through, according to the report.
He added the firm still had some cash on hand, but not enough to “do anything dramatic like pivot the company.” Any remaining capital would be returned to investors.
This story was updated to include comments from Craft’s David Sacks.