Redeveloped co-living space operator Bungalow secured funding from CAA Ventures and others to fund executive recruitment and further expansion of its business.
US-based redeveloped co-living apartment operator Bungalow received $47m on Monday in a round backed by CAA Ventures, the corporate venturing unit for talent agency CAA.
Venture capital firm Founders Fund and investment manager Coatue Management co-led the round, which also featured Maverick Capital, 94 Ventures and A-Rod Corp.
Founded in 2017, Bungalow leases out approximately 730 redeveloped co-living properties across 10 US markets, decked out with décor, amenities and events geared toward young professional renters.
The company revamps the properties under long-term lease agreements with their existing landlords, aiming to attract favourable prices from tenants looking to feel at home with a strong bond to their neighbours.
The capital will fund additions to Bungalow’s executive team as it expands further in the US and, potentially, into international markets.
Bungalow raised $14m in an August 2018 series A round led by venture capital firm Khosla Ventures that included Founders Fund, Atomic VC, Cherubic Ventures and Wing Ventures, the equity financing being raised alongside a $50m debt facility. It had previously received $7m in seed funding, according to TechCrunch.
The company said in a blog post: “Through reinventing the residential rental experience and creating a flexible, community-focused customer experience, we are on track to scale the business to accommodate more than 12,000 residents by the end of next year.
“We are grateful to all the incredible people – from residents to homeowners to our business partners – who have believed in our mission and we are thrilled to help thousands more residents find great homes and even better roommates as we grow.”